ITM Power (LON:ITM) shares rallied on Monday morning following the announcement of a significant capacity reservation agreement with RWE, a leading European energy company.
The agreement covers 150MW of ITM Power's NEPTUNE V electrolyser units, slated for potential call-offs by 2027.
The reservation, equivalent to 30 NEPTUNE V units, builds on an existing relationship between ITM Power and RWE, which includes RWE's operation of a 4MW pilot plant and ITM Power's ongoing delivery of 200MW of electrolysers for the GetH2 Nukleus project in Lingen, Germany.
NEPTUNE V, ITM Power's latest generation containerised green hydrogen plant solution, is said to be designed for rapid deployment, simplified installation, and reliable operation. Its compact, containerised design integrates all necessary balance of plant, making it a benchmark technology for commercial-scale green hydrogen projects. The platform has gained commercial traction since its launch last year.
CEO Dennis Schulz emphasized the significance of the agreement, stating, “We are proud to expand our collaboration with RWE. Building on our strong relationship developed through the joint execution of the GetH2 Nukleus project, this additional 150MW capacity reservation underlines RWE's confidence in our technology and delivery capability. Repeat business with a global leader in energy is the strongest validation of our strategy, our products, and our people.”
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