ITM Power Shares Rose 11.2% on a New 100MW Contract Award

The ITM Power plc (LON: ITM) share price rose 11.2%, adding to yesterday’s gains after being awarded a contract to procure the long-lead items in a 100MW hydrogen project. The project is in Germany, and ITM will deliver the components required to manufacture state-of-the-art MEP30 skids.

The company noted that this was the third 100MW project that the company has been tasked with delivering. The company specialises in proton exchange membrane (PEM) electrolyser technology, producing green hydrogen via renewable electricity and water.

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Another recent news release from the hydrogen electrolyser technology company was its recent expansion into Germany, where it expects to open its facility on Linden, north of Frankfurt, in October this year.

The company intends to hire 50 employees in Germany while leaving space to store its state-of-the-art electrolyser stacks, which can be used as spare parts for its clients in the country and across Europe. 

ITM Power also wants to minimise client response time by providing prompt support services, including servicing repair and maintenance requests from clients. 

The German facility will also be the home of ITM’s global business development function, of various engineering disciplines, aftersales technicians, field engineers, procurement and other functions. 

Dennis Schulz, CEO of ITM Power, said: “This order is an important endorsement of our technology and capability to deliver projects at scale. It will be the third 100MW project we are entrusted to execute.”

*This is not investment advice. 

ITM Power share price. 

The ITM  Power share price rose 11.17% to trade at 84.59p, from Monday’s closing price of 76.09p.