REG - ITM Power PLC - 50MW FEED Contract Signed

ITM PowerAnnouncement

20/12/2024 07:00

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RNS Number : 8252Q  ITM Power PLC  20 December 2024

20 December 2024

ITM Power PLC

 

50MW FEED Contract Signed

 

ITM Power is pleased to announce that we have been selected as the technology
provider and awarded a Front-End Engineering Design (FEED) contract for a 50MW
green hydrogen production site in the European Union for an undisclosed
experienced green hydrogen plant developer.

The FEED will be based on ten NEPTUNE V units, our full-scope 5MW
containerised electrolyser plant ideally suited for mid-sized projects. The
FEED will support the project development ahead of a Final Investment Decision
(FID) for the whole project, which the customer expects to take in 2025. The
plant is planned to start producing approximately 5,000 tonnes of green
hydrogen annually from the second half of 2027 and supply local industries.

Dennis Schulz, CEO, 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".

 

For further information, please visit www.itm-power.com
(http://www.itm-power.com) or contact:

 ITM Power PLC
 Justin Scarborough, Head of Investor Relations  +44 (0)114 551 1080

 Berenberg
 Ciaran Walsh, Harry Nicholas                    +44 (0)20 3207 7800

 J.P. Morgan Cazenove
 Richard Perelman, Charles Oakes                 +44 (0) 20 7742 4000

 

About ITM Power PLC:

ITM Power was founded in 2000 and ITM Power PLC was admitted to the AIM market
of the London Stock Exchange in 2004. Headquartered in Sheffield, England, ITM
Power designs and manufactures electrolysers based on proton exchange membrane
(PEM) technology to produce green hydrogen, the only net zero energy gas,
using renewable electricity and water.

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