Hydrogen station is a lot of gas to investors

By David Blackwell
Published: July 12 2008 03:00

ITM Power did not shrink from hyperbole at the launch of its home hydrogen station this week in Belgravia. Peter Hargreaves, chairman of the clean energy group, said that history might one day record the device as one of the greatest British inventions. Jim Heathcote, chief executive, chimed in with: "Thermodynamics is for cissies - this is all about economics." The devices, a lurid green and about the size of a telephone box, use the company's patented electrolysers to make hydrogen from water and cheap overnight electricity. A Ford Focus fitted with a special tank can run for 25 miles, equivalent to the average commute, on the hydrogen produced, and can switch back to petrol for longer journeys. The shares have fallen from 116p to a record low of 36½p this year as investors have lost patience with the company's progress. They moved above 60p ahead of Wednesday's news, but have since fallen back to 56½p.
Copyright The Financial Times Limited 2008