ITM Power wins contract for supply of four Neptune V units

(Alliance News) - ITM Power PLC on Thursday said it has won a contract to supply four Neptune V units to French multi-energy producer La Francaise de l'Energie SA, for an undisclosed amount.

The Sheffield, England-based designer and manufacturer of electrolyser systems for green hydrogen production said the Neptune V units will be deployed for the first phase of Norway's Hub Agder project, which is wholly-owned by FDE subsidiary Greenstat, for the development of green energy production projects in Norway.

ITM's facility, totalling 20 megawatts, will supply the maritime industry, with production anticipated to start in late 2026. The second phase is expected to be a further 40 megawatts, which is targeted for launch in 2025.

The Neptune V units are ITM's five-megawatt containerised green hydrogen plants, which utilise ITM's Trident stack technology to provide reliable, flexible and efficient hydrogen production capacity, as well as the industry's smallest footprint per megawatt, ITM explained.

"The Nordic countries present an exciting opportunity for green hydrogen and it is a privilege that FDE has selected us for the Agder Hydrogen Hub in Norway," said ITM Chief Executive Officer Dennis Schulz.

Shares in ITM Power closed up 0.1% at 34.42 pence in London on Thursday afternoon.

By Emily Parsons, Alliance News reporter

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