ITM Power shares edge higher on RWE collaboration expansion

(Alliance News) - ITM Power PLC on Monday said it has entered a capacity reservation agreement with Essen, Germany-based power generator, RWE AG.

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

Shares in the company rose 3.3% to 72.10 pence on Monday morning in London. RWE shares rose 1.1% to EUR35.85 in Frankfurt.

ITM said the agreement with RWE is for 150 megawatts of Neptune V units. Neptune V is the company's containerised, green hydrogen plant solution.

The reservation is equivalent to 30 units, said ITM, and foresees call-offs by 2027. The deal follows RWE's operation of ITM's pilot plant, as well as the ongoing delivery of its 200 megawatt of electrolysers for the GetH2 Nukleus project, noted ITM.

"We are proud to expand our collaboration with RWE. Building on our strong relationship developed through the joint execution of the GetH2 Nukleus project, this additional 150MW capacity reservation underlines RWE's confidence in our technology and delivery capability. Repeat business with a global leader in energy is the strongest validation of our strategy, our products, and our people," said ITM Chief Executive Dennis Schulz.

By Christopher Ward, Alliance News reporter

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