ITM Power Shares Surge After Being Selected as a Supplier for a Large-Scale Project

The ITM Power (LON: ITM) share price has jumped more than 11% on Monday morning after the company announced it had been selected as the supplier of over 300MW of electrolysers for a large-scale green hydrogen project.

The company explained that the electrolysers will be used to produce green hydrogen for a power plant, helping to contribute to the reduction of carbon emissions. 

While the project, which is in the Asia-Pacific (APAC) region, has received funding approval from local authorities, it remains subject to a final investment decision (FID).

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“We are delighted to work with our customer to advance the engineering, permitting and wider plant integration to drive this large-scale project to FID,” said ITM CEO Dennis Schulz.

The announcement drove a sharp rise in ITM shares, which are up 12.5% year to date and have rallied 48.7% over the past month. 

However, the stock remains down 24.1% over the past 12 months, reflecting broader volatility.

Monday’s news represents a potentially notable win for the Sheffield-based firm as it seeks to scale up and commercialise its PEM electrolyser technology amid growing global interest in green hydrogen as a clean energy solution.

According to data compiled by TradingView, out of nine analysts covering the stock, five have a “Strong Buy” rating on ITM, with two giving it a “Hold” rating and two a “Sell.”