ITM Power (LON: ITM) has announced the signing of a Front-End Engineering Design (FEED) contract for a project shortlisted in the UK's Hydrogen Allocation Round 2 (HAR2).
ITM Power shares have jumped by more than 4% following the news.
The FEED contract is based on multiple NEPTUNE V units, ITM Power's 5MW containerized green hydrogen plant solution.
The project is currently subject to a Final Investment Decision (FID), with the customer anticipating operations to commence in 2028. The project is still subject to FID and is not expected to be operational until 2028.
From a fundamental perspective, this contract strengthens ITM Power's position as a key player in the green hydrogen space.
Dennis Schulz, CEO of ITM Power, stated, “We are delighted to have signed the FEED contract for yet another UK HAR2 project. This is a further signal that NEPTUNE V is the leading containerised product for mid-scale green hydrogen projects, and we are looking forward to supporting our customer to progress the project through FID.”
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