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ITM Power hails Toyota bid to kick-start fuel cell electric vehicle market

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ITM Power (LON:ITM) today hailed car giant Toyota's bid to kick-start the fuel cell electric vehicle market.

In Las Vegas last night, Toyota announced at the Consumer Electronics Show that it would make available the royalty-free use of around 5,680 of its fuel cell electric vehicle (FCEV) related patents.

The aim is to accelerate the launch of fuel cell vehicles and the roll-out of hydrogen refuelling stations worldwide.

ITM chief executive Dr Graham Cooley said: "We are delighted that Toyota has taken this bold step to kick-start the market.

"This is the most significant news we have seen in the development of FCEVs and will be a major driving force for other OEMs to develop hydrogen vehicles and for governments worldwide to fund hydrogen refuelling infrastructure".

Toyota said at the event it believed that hydrogen-electric will be the "primary fuel … for the next hundred years", ITM reported.

"Very simply we cannot have the car without the re-fuelling stations," said Toyota.

ITM Power is involved in a pioneering £31mln project to make hydrogen vehicles a viable option for motorists across Europe.

Its selection as the hydrogen refuelling partner for London for the HyFive car project saw a contract awarded to supply three ITM Power electrolyser-based refuelling stations.

ITM Power shares nudged 1.59% higher to 32p each.

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Price: 267.5 GBX

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Market Cap: £1.28 billion
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