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(Alliance News) - Shares rose in ITM Power PLC on Tuesday as it signed a collaboration agreement with Iwatani Corp of America, a subsidiary of Japanese energy development firm Iwatani Corp.
Shares in the Sheffield-based energy storage and clean fuel company were 11% higher at 79.28 pence on Tuesday in London.
The two companies have agreed to deploy multi-megawatt electrolyser-based hydrogen energy systems in North America.
The agreement between ITM and Iwatani will allow both companies, where a commercial case exists, to work to deploy ITM's proton exchange membrane electrolyser alongside Iwatani's gas handling and deployment products.
In particular, both companies will target the California refuelling station market and large scale liquid and gaseous renewable hydrogen production for the domestic and export markets.
"Iwatani is a recognized leader in the hydrogen industry, and we are delighted to be collaborating with the company in North America. Transport refuelling is just the tip of the iceberg for demand for hydrogen from renewable sources and this partnership will be well positioned to participate in this exciting and rapidly growing industry," said ITM Chief Executive Graham Cooley.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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