ITM Power inks 500MW capacity reservation deal

8th Jul 2024 09:34

(Sharecast News) - ITM Power announced a significant capacity reservation agreement with a major global industrial customer on Monday, securing 500MW of future production capacity for ITM Power's advanced electrolyser stacks.

The AIM-traded firm said the contract spanned until the end of 2028 and encompassed call-offs for future projects across Europe and the United States.

While specific contract details remained undisclosed, the board said the agreement represented a substantial step forward for ITM Power, ensuring a steady production pipeline and reinforcing its market presence in key regions.

"Today's announcement is a great example of how close collaboration will unlock competitive and successful green hydrogen projects," said chief executive officer Dennis Schulz.

"Following the already announced capacity reservation for 100MW from Shell, this agreement with yet another large-scale industrial customer is a validation of our technology and credibility to deliver."

At 0914 BST, shares in ITM Power were up 12.34% at 56.25p.

Reporting by Josh White for Sharecast.com.