ITM Power Forges Strategic Partnership with ABO Energy

ITM Power (LON:ITM) said Tuesday that a strategic partnership between its Hydropulse subsidiary and ABO Energy, a renewable energy developer.

The collaboration, which aims to develop decentralised green hydrogen production units, is expected to primarily target industrial clients across Europe, with an initial focus on Spain and Finland.

The partnership is said to leverage ABO Energy's established network of industrial offtakers and project development capabilities alongside Hydropulse's expertise in building and operating modular hydrogen production plants based on ITM Power’s electrolyser technology.

The companies plan to offer Hydrogen-as-a-Service and Infrastructure-as-a-Service, covering the entire green hydrogen value chain.

Under the agreement, ABO Energy will contribute to project development and power supply, while Hydropulse will build, own, and operate the hydrogen production facilities.

This structure is expected to enable industrial customers to access a reliable hydrogen supply without significant upfront capital expenditure. Early projects are already identified, suggesting a rapid deployment timeline.

Dennis Schulz, CEO of ITM Power, emphasized the market traction potential, stating, “This is about market traction. With ABO Energy's access to sites and end users, we can realise projects faster and turn our technology into recurring revenues.

Schulz believes that his firm's modular approach, combined with ABO Energy's project pipeline, “creates a pragmatic route to help industry cut emissions,” while also helping the company to unlock new markets.

Karsten Schlageter, Managing Director of ABO Energy, sees the deal as “a breakthrough moment for many hydrogen projects.”

“We can now offer our customers a one-stop solution from development to long-term operation without capex intensity,” stated Schlageter. “Many of our projects are already developed to a stage where we can move quickly when the offtake is committed.”

ITM Power shares opened slightly lower on Tuesday. However, they are now up more than 2% at 72.2p per share. For the year-to-date, the stock has rallied 104%.