ITM Power PLC - South Yorkshire-based energy storage and clean fuel firm - Wins GBP9.3 million contract from the UK government's Department for Business, Energy and Industrial Strategy, or BEIS. The contract is part of the government's "net zero innovation portfolio low carbon hydrogen supply 2 competition," ITM Power explains. It speeds up commercial deployment & manufacture of the firm's 5 megawatt Gigastack platform. Its development started in 2019 and is 2.5 times larger than ITM's previous stack platform. Further construction on the Gigafactory "commences later this year", ITM says.
"Awards under competitions like this will ensure that the UK remains a world leader in energy transition technology and manufacture, creating jobs, new supply chains and valuable high-tech exports," comments Chief Executive Officer Graham Cooley in a press release. Referring to ITM, BEIS Energy Minister Greg Hands adds: "The government support which they have received today will help to boost the development of hydrogen as the clean, affordable, homegrown superfuel of the future."
Current stock price: 295.80 pence, down 1.2% on Thursday
12-month change: down 11%
By Tom Budszus; tombudszus@alliancenews.com
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Itm Power (ITM)