ITM Power scores two new engineering contracts

(Sharecast News) - Proton exchange membrane technology business ITM Power announced on Friday that it had been awarded two engineering contracts.

ITM Power stated the first contract was a basic design engineering package contract by an industrial customer for a project in Australia, while the second was a front-end engineering design contract for a project in Canada, which aims to produce hydrogen for transportation from hydroelectric power.

The AIM-listed group said both contracts, with a combined capacity of 70mw, will be based on the deployment of multiple units of its market-leading NEPTUNE V containerised green hydrogen production plant.

Chief executive Dennis Schulz said, "We are excited to be working with our customers on these projects, and to advance the deployment of our NEPTUNE V product into the Australian and Canadian markets."

As of 1045 GMT, ITM Power shares were up 5.36% at 65.74p.

Reporting by Iain Gilbert at Sharecast.com

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