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ITM Power bags €0.7mln electrolyser sale

Published: 03:37 11 Jan 2017 EST

PIcture of ITM electrolyser
Sale is for an electrolyser worth €0.7mln

ITM Power plc (LON:ITM) has sold one of its hydrogen electrolyser units to a global gas company after winning a competitive tender.

The sale, worth €0.7mln, is part of a strategic hydrogen refuelling initiative by the company.

Graham Cooley, ITM’s chief executive, added the company was delighted to have been successful in another tender process.

Electrolysers can convert hydrogen to electricity and back again and this ability to convert excess electricity into hydrogen and store it is seen as a solution to the weather dependency of renewable energy sources as well as being a fuel for pollution-free vehicles.

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