viewITM Power PLC

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


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.

Quick facts: ITM Power PLC

Price: 267.5 GBX

Market: AIM
Market Cap: £1.28 billion

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



District Metals continues to unlock potential with more strong historical...

District Metals (CVE: DMX) CEO Garrett Ainsworth continues to unlock the mysteries of their project called TomTebo. Ainsworth telling Proactive’s Steve Darling they have released more historical results, this time from the Gårdsgruvans zone. Ainsworth said the results are telling them these...

8 hours, 24 minutes ago

2 min read