ITM Power (LON: ITM) shares jumped about 6% on Monday after its Hydropulse subsidiary signed Heads of Terms with a European oil refinery for a 150 MW green hydrogen project. ITM makes electrolysers, the equipment that produces green hydrogen.
The announcement came out this morning, and a presentation on the deal was available from 7:15am.
Hydropulse is ITM’s Build, Own, Operate (BOO) subsidiary. The project in development would use 150 MW of ITM’s Alpha electrolyser platform to produce green hydrogen on site for the refinery, which the company has not named, under a 10-year agreement.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Chief executive Dennis Schulz said the scale is what matters to the company:
“This is an important milestone for our company. At 150 MW and with a planned 10-year contract duration, this project demonstrates the scale and potential of our BOO model. If progressed to definitive agreements, it would represent our largest commercial commitment to date and establish a material long-term contracted revenue stream for the Group.”
Dennis Schulz, CEO, ITM Power
Under the BOO model, Hydropulse would build, own and operate the plant, giving ITM long-term contracted and recurring revenues. The customer is planned to provide the site and utilities, including power, which should limit Hydropulse’s exposure to electricity price volatility.
It is still early. Heads of Terms are not a definitive agreement, and Schulz’s own wording, “if progressed to definitive agreements”, reflects that.
The parties are already progressing a joint Front End Engineering Design (FEED) study, and they target a Final Investment Decision (FID) in 2027, with hydrogen production expected to start in 2029. ITM is also in constructive discussions with banks on project-level financing, to scale Hydropulse in a capital-efficient way.
For traders, the 2027 decision and the financing are the next milestones, and no revenue from the project exists today.
