Clean fuel firm ITM Power has targeted the burgeoning fuel cell electric bus (FCEB) market as its contract pipeline continues to grow.
The company’s order book is on the rise, with £23m ($29.6m) of projects under contract and a further £4.2m ($5.4m) of contracts in the final stages of negotiations.
This constitutes a total pipeline of £27.2m ($35m) – up £2.8m ($3.6m) compared to its last update on 18th April – thanks to securing new contracts within the fuel cell industry.
In total, ITM Power revealed it has signed new development agreements with five original equipment manufacturers (OEMs) on refuelling equipment for FCEBs, three of which are within the UK and two internationally.
“The market for our equipment is therefore very large given the number of hydrogen buses funded in Europe alone”
Dr. Graham Cooley, CEO ITM Power
In addition, it has secured a £5.5m ($7m) deal for its first FCEB refueller in Birmingham, under which ITM Power will build, own and operate and 3MW grid balancing electrolyser and all necessary refuelling equipment.
ITM Power CEO, Dr. Graham Cooley, highlighted, “The international hydrogenbus market is becoming very exciting for ITM Power. Because buses use a depot refuelling model the fuel revenues are bankable and with 10 buses using 1MW of electrolyser demand per day, the market for our equipment is therefore very large given the number of hydrogen buses funded in Europe alone.”