ITM Power signs strategic partnership with Protium Green Solutions

(Sharecast News) - ITM Power announced on Wednesday that it has signed a strategic partnership with Protium Green Solutions to develop, invest in and operate industrial-scale green hydrogen production plants across the UK.

The AIM-traded electrolyser manufacturer said the collaboration would initially focus on advancing the Cromarty Hydrogen Project in the Scottish Highlands, which was recently acquired by Protium and secured government-backed funding through the first Hydrogen Allocation Round.

The agreement provides a framework for the companies to explore deployment models for future UK projects, particularly across Protium's portfolio of Hydrogen Allocation Round projects.

ITM said the companies were considering several routes for collaboration, including through Hydropulse, ITM's build-own-operate subsidiary for containerised green hydrogen plants, as well as options for Protium to directly acquire ITM electrolysis assets.

The Cromarty project was expected to have 15MW of electrolyser capacity and produce around seven tonnes of green hydrogen per day at peak output.

ITM said the project would provide a localised energy source to help decarbonise regional heavy industrial heat and power customers, including users currently off the national gas grid.

Phase one of Cromarty is expected to create around 30 highly skilled local jobs and apprenticeships.

Protium will lead power procurement, permitting, downstream infrastructure and hydrogen distribution, with a final investment decision currently targeted for December 2026.

ITM chief executive Dennis Schulz said the partnership brought together complementary expertise "in a framework ranging from equipment supply to investment".

"Together, we can deliver highly competitive hydrogen with strong long-term economics and help accelerate the UK hydrogen market," he said.

Protium founder and chief executive Christopher Jackson said the partnership brought together "two of the UK's best-in-class hydrogen businesses" to deliver a proposition based on reliability, affordability and scalability "with no compromises and no carbon emissions".

At 0946 BST, shares in ITM Power were up 1.36% at 187p.

Reporting by Josh White for Sharecast.com.

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