- Energy storage and clean fuel company ITM Power welcomed an announcement from the European Commission that it would support the development of hydrogen power on the continent.

The European Commission's strategy involved it providing support for the installation of at least 6 gigawatts of renewable hydrogen electrolysers in the EU, and production of up to 1m tonnes of renewable hydrogen, from 2020 to 2024.

It also stated that from 2025 to 2030, hydrogen needed to become an intrinsic part of an integrated energy system, with at least 40 gigawatts of electrolysers and production of up to 10m tonnes of renewable hydrogen.

From 2030 to 2050, renewable hydrogen technologies should reach maturity and be deployed at large scale across all hard-to-decarbonise sectors, it added.

'This is an unmistakable signal that the EU is combining economic recovery stimulus with existing commitments to climate change targets,' ITM Power chairman Roger Bone said.

'I would very much hope that the EU's lead will be followed by governments around the world as they come to appreciate the power of renewables and hydrogen working together to lower carbon emissions permanently.'

At 1:54pm: [LON:ITM] Itm Power PLC share price was +18.5p at 312.5p

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