The ITM Power plc (LON: ITM) share price rose 2.92% after revealing that it would expand its operations into Linden, Germany, in October this year. The move will help cement ITM’s position as a leading manufacturer of large-scale electrolysers for active projects in Germany and Europe.
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The new German facility located in Linden, north of Frankfurt, will have the capacity to host 50 employees. It will also include a warehouse facility with special equipment for storing its state-of-the-art stacks in lightweight skids ready for quick deployment as aftersales spares.
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By storing its electrolyser stacks in a ready-to-go format, ITM will minimise the response time to customers while maximising the value from the use of its products. The facility will also have the capacity for repair and maintenance and the training of customers and partners.
ITM Power is constantly increasing the deployment of its stacks to in-field projects allowing it to gather real-world data to enable advancements in its technology, products and the development of new business models.
The data gathered will help the company drive advancements in its core technology and product improvements and develop new business models around remote monitoring/operations and predictive maintenance. The data will also create commercial certainty around tighter system performance guarantees.
ITM Power Germany will also be the headquarters of ITM's global business development function, including various engineering disciplines, field engineers, aftersales technicians, procurement and other business functions.
The expansion into Germany comes just a few months after the company revealed it was expanding its UK facilities to debottleneck its fabrication, testing and product validation. The market reaction to the latest news was largely muted.
Dennis Schulz, the ITM Power CEO, said: “This expansion in Germany will not only support responsive aftersales in the heart of the EU as our core market today but will also be home for various business functions that are enablers for ITM's accelerated growth. As we are scaling our operations, this is a major step in gearing up for an increasing degree of local content creation in the EU.”
*This is not investment advice.
ITM Power share price.
The ITM Power share price rose 2.92% to trade at 69.35p, from Monday’s closing price of 67.38p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.