Construction News

Mon April 19 2021

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JCB invests in fuel cell technology

12 Mar 15 JCB has invested £4.9m to become the largest shareholder of a company that specialises in hydrogen fuel technology.

Lord Bamford is excited by hydrogen technology
Lord Bamford is excited by hydrogen technology

ITM Power designs and manufactures hydrogen systems for energy storage and clean fuel production. JCB Research has bought 7.2% of the share capital and Valebond Consultants, a company wholly owned by JCB heir Jo Bamford, has bought 1.9%, to give them a comabined 9.1%.

JCB will have a nominated director on the board of ITM.

Lord Bamford said: "We are excited by the prospects of hydrogen technology and our investment in ITM Power.  We expect to be an actively supportive shareholder in ITM Power and look forward to working with the board and management team and to sharing some of our expertise in manufacturing and engineering."

ITM Power chief executive Graham Cooley added: "In addition to the new funds that this investment brings to ITM Power, we are delighted to have on board a strategic investor who can potentially add significant value to our business.  I look forward to working with JCB as we scale up our business and seek to enter new markets with our product offering."

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