ITM Power shares jump as strikes deal with Rheinmetall for Nato work
ITM Power PLC on Friday said it has entered into a strategic tie-up with Rheinmetall AG, as part of a plan to create a network of synthetic fuel production plants for Nato.
ITM Power shares jumped 19% to 112.00 pence. It has a market capitalisation of £756.2 million.
The Sheffield-based designer and manufacturer of electrolyser systems said defence contractor Rheinmetall’s Giga PtX project is ‘designed to strengthen defence energy resilience, sovereign fuel capability and operational readiness’.
‘The project envisages the deployment of several hundred decentralised production plants across Europe, each with an electrolysis capacity of up to 50 megawatts, capable of producing approximately 5,000 to 7,000 tonnes of e-fuel per annum per facility. By combining Rheinmetall’s Power-to-X expertise with ITM’s market-leading electrolyser systems, the parties are bringing together their capabilities, know-how and strong market reputation. The collaboration will initially focus on the UK,’ ITM said.
‘Synthetic fuels are expected to play a critical role in defence and other mission-critical sectors, where electrification is not viable, and a secure, reliable fuel supply is essential. The Giga PtX project therefore represents a significant potential growth market for large-scale hydrogen production technologies, underpinned by increasing focus on resilient and independent energy supply in defence applications.’
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