ITM Power Shares Climb After Securing Engineering Contracts in Australia and Canada

ITM Power (LON: ITM) has announced the signing of two engineering contracts, signaling progress in the company’s global expansion strategy.

The contracts, located in Australia and Canada, focus on green hydrogen production, leveraging ITM’s NEPTUNE V containerised electrolyser technology.

The first contract is a Basic Design Engineering Package (BDEP) for an industrial customer in Australia. The second is a Front-End Engineering Design (FEED) contract for a Canadian project aiming to produce hydrogen for transportation using hydroelectric power.

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ITM Power shares are up around 5% following the news.

Combined, these projects represent a capacity of 70 MW, utilizing multiple units of ITM’s NEPTUNE V electrolysers. This development underscores the growing demand for green hydrogen solutions and ITM Power’s position in the market.

This expansion into the Australian and Canadian markets is strategically important for ITM Power. Australia presents opportunities due to its renewable energy potential and focus on hydrogen exports. Canada, with its abundant hydroelectric resources, offers a sustainable pathway for green hydrogen production.

Dennis Schulz, CEO, stated, “We are excited to be working with our customers on these projects, and to advance the deployment of our NEPTUNE V product into the Australian and Canadian markets.”