ITM Power secures German contract, shares spark

(Sharecast News) - ITM Power has been selected as technology partner for two energy infrastructure projects in Germany, the green hydrogen specialist announced on Friday, sending the AIM-listed stock higher. The Sheffield-based firm has been appointed by German engineer Stablegrid Group.

In the first project, in Rustringen, ITM will supply a 30mw green hydrogen production plant. The second project involves installing 680mw of indoor electrolyser capacity.

Both projects will operate exclusively for grid balancing, stabilising the power system and using underground caverns as hydrogen storage facilities.

The final investment decisions for both are scheduled for 2026 and 2028 respectively.

Dennis Schulz, ITM chief executive, said: "Partnering with Stablegrid on these landmark grid balancing projects in Germany reinforces ITM's position at the forefront of the energy transition in Europe's largest economy."

Stablegrid, which is based in Mecklenburg-Pomerania and Hamburg, initiates, supports and implements infrastructure projects, primarily in the renewable energy sector, across Europe.

ITM, meanwhile, designs and manufacturers electrolysers that produce green hydrogen.

As at 0830 GMT, ITM had put on 8% at 77.11p.