(Alliance News) - ITM Power PLC on Tuesday announced it signed an agreement with Power On Connections Ltd to quadruple its power supply at Bessemer Park, Sheffield by the end of 2024.
ITM Power said the agreement will increase its power supply at Bessemer Park to 30 megavolt amperes from 7.5 mva by the end of 2024, enabling it to significantly increased product testing.
ITM Power designs and manufactures electrolysers, based on proton exchange membrane technology, to produce green hydrogen. It is based in Sheffield, England.
As a first step under the agreement, ITM Power has increased its power supply by 50% to 7.5 megavolt amperes from 5 mva. This allows for the testing of two 2 megawatt modules simultaneously, the company noted.
Chief Executive Dennis Schulz said: "As part of our 12-month plan, in January I stated our intention to increase testing capacity in order to satisfy our project delivery needs. Today's announcement is an important step to de-bottlenecking our manufacturing output and an important enabler for scaling production."
Shares in ITM Power were up 7.4% at 86.46 pence on Tuesday morning in London.
By Heather Rydings, Alliance News senior economics reporter
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Itm Power (ITM)