ITM Power (LON: ITM) shares rose by almost 9% on Tuesday to 80p, extending a substantial rally over the past few months.
Tuesday’s gain comes after the company announced its selection for two new green hydrogen projects in the UK.
ITM Power shares are now up more than 169% in the last three months and over 122% this year.
The Sheffield-based hydrogen specialist revealed Tuesday that a customer had chosen ITM as the supplier for a large-scale project that secured backing under the UK government's Hydrogen Allocation Round 2 (HAR2), alongside a second, smaller project.
The projects aim to supply green hydrogen to local industries in a bid to cut carbon emissions.
In both cases, ITM will deploy its proprietary electrolysis technology, POSEIDON, which the company says offers “unmatched efficiency, rapid response times, and an optimised footprint.”
Each project remains subject to a final investment decision, and the customer has opted to remain unnamed until that point.
Commenting on the developments, ITM Power CEO Dennis Schulz said: “We are honoured to be chosen for yet another HAR2 project in the UK, just weeks after Uniper confirmed us for their 120MW Humber project.
“This supplier selection demonstrates two things: that the UK is starting to gain traction in green hydrogen, and that we are establishing early leadership in our home market.”
The announcement further cements ITM’s growing presence in the UK’s emerging hydrogen sector.
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