ITM Power PLC Awarded Contract for 50MW Green Hydrogen Production Site in the EU
Key Ideas
- ITM Power PLC has been chosen as the technology provider for a 50MW green hydrogen production site in the EU, with a focus on mid-sized projects.
- The FEED contract awarded to ITM Power is based on ten Neptune V units, with production expected to start in the second half of 2027.
- The project is anticipated to produce 5,000 tonnes of green hydrogen annually and will support local industries, with a final investment decision expected in 2025.
- ITM Power's shares rose by 1.1% following the announcement, highlighting the positive market response to the news.
ITM Power PLC has secured a significant contract as the technology provider for a 50 megawatt green hydrogen production site in the European Union. The Sheffield-based company specializes in designing and manufacturing electrolyser systems for green hydrogen production. The contract, awarded by an undisclosed experienced green hydrogen plant developer, focuses on a 50MW green hydrogen production facility in the EU. This front-end engineering design (FEED) contract is based on ITM Power's Neptune V units, specifically designed for mid-sized projects. The project is expected to reach a final investment decision in 2025 and aims to commence hydrogen production in the second half of 2027, generating around 5,000 tonnes of green hydrogen annually to supply local industries. ITM Power's Chief Executive, Dennis Schulz, expressed enthusiasm about the partnership, emphasizing the growth potential for mid-sized green hydrogen projects. The positive market response was evident as ITM Power's shares rose by 1.1% following the contract announcement.