ITM Power wins EU FEED contract

(Sharecast News) - Energy storage and clean fuel company ITM Power said on Friday that it has been selected as the technology provider and awarded a Front-End Engineering Design contract for a 50-megawatt EU green hydrogen production site.

ITM Power said the FEED will be based on ten NEPTUNE V units, its full-scope 5mw containerised electrolyser plant ideally suited for mid-sized projects.

The AIM-listed group stated the FEED will support the project development ahead of a Final Investment Decision for the whole project, which the unnamed customer expects to take in 2025.

ITM added that the plant was planned to start producing approximately 5,000 tonnes of green hydrogen annually from the second half of 2027 and supply local industries.

Chief executive Dennis Schulz said: "We are excited to have been selected as the technology partner for this project. NEPTUNE V was only launched in May of this year, and this FEED confirms our view at the time that mid-sized green hydrogen projects would experience strong momentum in the near term".

As of 1150 GMT, ITM Power shares were up 0.78% at 33.66p.

Reporting by Iain Gilbert at Sharecast.com

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