ITM wins distribution deal for Asia and US

ITM Power, the clean fuel company, has negotiated a distribution agreement with Singapore-based Horizon Fuel Cell Technologies, that will see its products marketed in Asia and the US.

This could be a major step for the Sheffield based firm which has been hanging around the AIM market since 2004 but now seems to have achieved lift-off.

The deal means Horizon will market ITM's hydrogen energy systems exclusively amongst the Association of Southeast Asian Nations (ASEAN), which includes major markets like Indonesia and the Philippines.

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Horizon will also market ITM's products, non-exclusively, in the US.

ITM's Chief Executive Graham Cooley said: "we are very happy to sign our first distribution agreement and take this important step in our commercialisation process."

The market likes what it sees, with the stock up 12.8% at 09:31.

BS