ITM Power partners with Germany's ABO Energy on 'green hydrogen'
ITM Power PLC on Tuesday said it will work with renewables firm ABO Energy Gmbh & Co KGaA to secure industrial hydrogen offtake deals.
Hydropulse is part of Sheffield, England-based ITM, and manufactures electrolysers which are used to generate hydrogen power.
Wiesbaden, Germany-based ABO Energy, formerly ABO Wind, has an crop of international offtakers among its contacts, and a pipeline of ‘pre-developed green hydrogen projects’, according to ITM.
The partners aim to provide ’hydrogen-as-a-service’ and ’infrastructure-as-a-service’ through ‘decentralised hydrogen production units on or near end user sites’, with possible projects already identified, and ready to ‘move quickly when the offtake is committed,’ ABO said.
The joint venture will target Europe, specifically Spain and Finland, where power prices are lower.
‘Hydropulse will build, own and operate the hydrogen production facilities, while ABO Energy will contribute on the power and development side. This will enable industrial customers to access long-term reliable hydrogen supply without requiring upfront capital investment,’ ITM explained.
ITM Chief Executive Dennis Schulz said the deal will expose the UK firm to new customer bases.
‘This is about market traction. With ABO Energy’s access to sites and end users, we can realise projects faster and turn our technology into recurring revenues. Our modular approach, combined with ABO Energy’s project pipeline, creates a pragmatic route to help industry cut emissions,’ Schulz commented.
Karsten Schlageter, managing director of ABO Energy, described the joint venture as ‘a one-stop solution from development to long-term operation without capex intensity’.
ITM Power shares were 1.1% lower at 69.90 pence on Tuesday morning in London.
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