ITM Power Rises on 20MW Hydrogen Deal with MorGen Energy

ITM Power (LON:ITM) shares rose nearly 6% on Wednesday to 67.9 pence after the hydrogen technology company said it has signed a supply agreement with MorGen Energy for the 20MW West Wales Hydrogen project in Milford Haven. 

The stock has gained almost 90% so far this year, despite an 18% pullback over the past month.

The agreement covers the supply of ITM’s POSEIDON modular electrolyser platform and includes binding heads of terms for a long-term services contract. 

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The project, located on the former Milford Haven Refinery site, has secured permits and is progressing toward a final investment decision, with construction expected to begin before the end of 2025.

The West Wales Hydrogen Project is one of two UK initiatives where ITM was named as the chosen electrolyser supplier under the Department for Energy Security & Net Zero’s Hydrogen Allocation Round 1. 

The plant will provide green hydrogen to industrial clusters in Milford Haven, Port Talbot, and other parts of Wales, as well as support green transport.

“This contract marks a major milestone for ITM Power and the UK hydrogen sector,” chief executive Dennis Schulz said. “Selection for the West Wales Hydrogen Project demonstrates confidence in our technology, delivery capability, and the critical role green hydrogen plays in the energy transition.”

MorGen Energy CEO Werner Lieberherr said the project would be “a cornerstone” of Wales’s clean energy future, creating high-value jobs, strengthening supply chains, and “positioning Wales at the forefront of the green hydrogen economy.”

“Guided by a purpose-led and performance-driven approach, we are committed to ensuring this partnership delivers both environmental impact and lasting prosperity for the communities we serve,” Lieberherr added.