The ITM Power plc (LON: ITM) share price edged 2.14% higher after announcing that its state-of-the-art MEP30 electrolyser stack has been successfully UKCA marked. The marking comes as the UK prepares to replace the EU CE marking with the UKCA marking following Brexit.
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All manufactured products deployed and sold within Great Britain, which includes England, Scotland and Wales, must have the UKCA marking starting from 31 December 2024. The marking stands for the United Kingdom Conformity Assessed (UKCA) mark.
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The UKCA marking allows green hydrogen projects still in development today to benefit from the required certainty of a UK-based partner that offers products compliant with legislation. Therefore, such projects will align with the upcoming regulations when ready.
The MEP30 electrolyser stack is a self-pressurised stack that is the core element of ITM’s proton exchange membrane (PEM) electrolyser product portfolio. The sack still maintains its CE marking for the EEA market.
The UKCA marking is another critical milestone for ITM Power, the first PEM electrolyser company to deploy three-digit MW plants in the global marketplace. ITM is also the first company to receive UKCA accreditation, future-proofing its products.
The company has also demonstrated the effectiveness of its strategy to continually develop its products, thereby ensuring compliance with legislation critical to serving the UK market.
ITM Power has factored the legislation into its product design and had applied for the marking way in advance of the legal changes coming into effect to ensure continuity and eliminate any disruptions to the UK’s decarbonisation efforts.
Looking at the ITM Power price chart, we can see that the shares are trading slightly above the recent lows, and some could argue that the shares are primed for a significant rally. However, we would need a significant fundamental trigger to fuel a rally in ITM shares.
The hydrogen pioneer has been dealing with weak sales over time, but with the appointment of a new CEO in December 2022, the company has embraced a new business strategy that is working quite well. Since the new strategy works, we could see a rally in ITM shares.
*This is not investment advice.
ITM Power share price.
The ITM Power share price edged 2.14% higher to trade at 74.83p, from Thursday’s closing price of 73.26p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.