ITM Power PLC on Friday said it has been selected as the technology provider and awarded a front-end engineering design contract for a 50 megawatt green hydrogen production site.

The Sheffield, England-based firm is a designer and manufacturer of electrolyser systems for green hydrogen production.

Granted by an undisclosed but ‘experienced’ green hydrogen plant developer, the contract is for a 50 megawatt green hydrogen production site located in the EU, with AIM-listed ITM Power noting that the FEED contract will be based on ten Neptune V units, its 5 megawatt containerised electrolyser plant suited for mid-sized projects.

The firm added that the contract will support the development of the project ahead of a final investment decision for the whole project expected in 2025.

ITM anticipates the plant will commence production of approximately 5,000 tonnes of green hydrogen a year from the second half of 2027, and will supply local industries.

Its shares were up 1.1% at 33.77 pence each on Friday morning in London.

ITM Power Chief Executive Dennis Schulz said: ‘We are excited to have been selected as the technology partner for this project. Neptune V was only launched in May of this year, and this FEED confirms our view at the time that mid-sized green hydrogen projects would experience strong momentum in the near term’

Copyright 2024 Alliance News Ltd. All Rights Reserved