ITM Power inks new FEED contract

(Sharecast News) - Electrolysers manufacturer ITM Power said on Monday that it has signed a front-end engineering design (FEED) contract for a project which has been shortlisted in the UK's Hydrogen Allocation Round 2. ITM Power said the FEED contract was based on multiple NEPTUNE V units, its five megawatt containerised green hydrogen plant and remains subject to a final investment decision.

The AIM-listed group noted that its customer expects the plant to be operational in 2028.

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

As of 0840 BST, ITM Power shares were up 5.32% at 83.20p.



Reporting by Iain Gilbert at Sharecast.com