ITM Power shares rise amid 20-megawatt project authorisation

(Alliance News) - ITM Power PLC on Monday confirmed receipt of a notice to proceed for a 20-megawatt project, following a final investment decision by the undisclosed customer.

Shares in the green hydrogen electrolyser designer and manufacturer were 3.9% higher at 61.70 pence on Monday morning in London.

Sheffield, England-based ITM Power said it expects to provide more details near the end of the first quarter of this year.

While the customer was unnamed, back in August last year, ITM said it inked a supply agreement with Zurich, Switzerland-based green energy supplier, MoreGen Energy AG, for the 20-megawatt West Hales Hydrogen project in Milford Haven, Wales.

At the time, ITM said the project was "well on its way" towards a final investment decision.

On Monday, ITM said the notice gives formal authorisation for it to commence full project work and as such sets the official contract start date.

The company said the contract is now "firm" and will be added to its contracted order backlog.

"We are proud that we have been entrusted to deliver yet another important industrial-scale project, and we are looking forward to providing more information on the project specifics in due course," commented Chief Executive Dennis Schulz.

By Christopher Ward, Alliance News reporter

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