For the last couple of months, ITM Power, has been bouncing near it's 12 month low. So it was interesting to learn that a non-executive director at fuel cell technology firm ITM Power has raised his stake. Peter Hargreaves spent £336,000 on 280,000 shares at 120p each and now holds 5.67 million shares.

Add to this that ITM's cooperation with the Hydrogen Engine Centre is about to yield fruit. HEC engines are being integrated with ITM Power electrolyzers, to become a stand-alone power generation solution for industrial and residential customers and the first of these engines are to be delivered to ITM this spring.

Since my last post announcing the tie-up between the 2 companies in November, the stock has not done that well, but they have that in common with most fuel cell stocks since the Spring shakeout last year.

What I do like about the technology is that the prototype engine also runs on other more available fuels like hydrogen, propane, natural gas, ethanol or gasoline. And yet, whilst I loathe diesel fumes, breaking into the backup / standalone diesel generator market - as many companies have tried these last few years - appears to be a very tough nut to crack.