IN BRIEF: ITM Power signs contract with Shell for Refhyne II project
ITM Power PLC - Sheffield, England-based designer and manufacturer of electrolyser systems for green hydrogen production - Signs a contract with Shell PLC for the Refhyne II project, following the London-based oil and gas giant’s recent positive final investment decision. ITM says it will supply 100 megawatts of Trident electrolyser stacks and skids to the Shell Rheinland Energy & Chemicals Park near Cologne in Germany. Says that Refhyne II will use renewable electricity to produce up to 44,000 kilograms of renewable hydrogen daily, partially decarbonising fuel production at Shell’s Wesseling refinery, with the electrolyser set to begin operations in 2027. Adds that it has been enabled by ‘supportive government policies and frameworks’ like the EU’s binding targets for renewable hydrogen use in transport and industry, and has gained funding from the EU’s Horizon 2020 research and innovation programme.
Chief Executive Officer Dennis Schulz says: ‘Shell is a leading global energy company, and we are proud they have selected us for this prestigious project. The performance of our latest generation electrolyser stacks in the Refhyne I plant played an important role in Shell’s proceeding to [final investment decision], as did their extensive due diligence on our technology and our capability to deliver this large-scale commercial project.
Current stock price: 58.24 pence, up 9.5% in London on Tuesday
12-month change: down 39%
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