ITM Power Secures Contract for Neptune V Electrolysers in Germany
Key Ideas
- ITM Power, a UK-based electrolyser manufacturer, has signed a contract to supply three 5 MW Neptune V electrolyser units to a private German company, expanding its market presence in Europe.
- The Neptune V electrolyser plant, utilizing ITM's Trident stack technology, offers reliable and efficient hydrogen production with a small footprint per MW, attracting interest from industrial and family businesses.
- ITM Power's CEO, Dennis Schulz, expressed that customer demand for the Neptune V has surpassed expectations, positioning the company as a trusted partner for industrial firms seeking reliable and efficient hydrogen solutions.
- Despite facing challenges earlier in the year and implementing a turnaround plan, ITM Power reported a significant decrease in net losses and a notable increase in revenues, showcasing positive growth and market progress.
UK-based ITM Power has secured a contract to supply three 5 MW Neptune V electrolyser units to a private German company. The Neptune V, launched in May, is a containerised electrolyser plant that offers efficient hydrogen production with a small footprint per MW. These electrolyser units are set to be deployed in three separate projects in Germany to provide green hydrogen for refuelling stations. ITM Power's CEO highlighted the company's success in attracting industrial and family businesses due to the reliability and efficiency of the Neptune V system. Additionally, ITM Power, known for producing hydrogen fuel cells, has expanded into electrolyser manufacturing and recently introduced the 'Poseidon' module. Despite facing challenges earlier in the year and reducing its headcount, ITM Power's financial performance has shown improvement with a significant decrease in net losses and a substantial increase in revenues, indicating positive growth and market expansion.