ITM Power wins new FEED contract for HAR2 shortlisted project

(Alliance News) - ITM Power PLC on Monday said it has entered a new front-end engineering design contract for a project shortlisted in the UK's Hydrogen Allocation round 2.

The Sheffield, England-based designer and manufacturer of electrolyser systems for green hydrogen production said the contract was based on multiple Neptune V units.

Neptune V is the company's containerised, green hydrogen plant solution.

HAR2 is a government-led funding mechanism that allocates revenue support to low-carbon hydrogen production projects across the UK over a 15-year period.

The project remains subject to a final investment decision, and the unnamed customer expects the plant to be operational in 2028.

"We are delighted to have signed the FEED contract for yet another UK HAR2 project," said Chief Executive Officer Dennis Schulz.

"This is a further signal that Neptune V is the leading containerised product for mid-scale green hydrogen projects, and we are looking forward to supporting our customer to progress the project through FID."

Shares in ITM Power were up 5.9% at 83.67 pence in London on Monday morning. The stock has risen70% over the past year.

By Emily Parsons, Alliance News reporter

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