ITM Power seals first contract for Neptune V electrolyser

(Alliance News) - ITM Power PLC on Friday said it has signed its first contract for its Neptune V electrolyser in Germany.

The Sheffield, England-based company is a designer and manufacturer of electrolyser systems for green hydrogen production.

ITM revealed that its first contract for Neptune V is with Guttroff GmbH, a private German provider of solutions for technical and medical gases, welding supplies, and engineering.

Neptune V is a full-scope 5 milliwatt containerised electrolyser plant that provides highly efficient hydrogen production capacity.

The AIM-listed firm did not reveal the value of the contract, but said that as part of the Bavarian electrolyser subsidy program, Guttroff was awarded EUR5 million in funding earlier this year to initiate domestic production of green hydrogen in the area.

ITM said its Neptune will provide green hydrogen to a planned refuelling station.

Shares in ITM were up 4.9% at 41.42 pence on Friday morning in London.

ITM Chief Executive Dennis Schulz said: "We are delighted to have been chosen by Guttroff, a renowned gases company, to provide our best-in-class technology for their first green hydrogen project.

"Since its launch just a few months ago, Neptune V has been very well received by customers, and we are excited about the level of interest".

By Christopher Ward, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved

Itm Power