ITM Power subsidiary inks terms for large-scale green hydrogen project

ITM Power PLC on Monday said its subsidiary Hydropulse has signed terms with a European oil refinery for a large-scale green hydrogen project.

The Sheffield, England-based designer and manufacturer of electrolyser systems for green hydrogen production said the parties are progressing a joint front-end engineering design study, targeting a final investment decision in 2027, with hydrogen production expected to start in 2029.

"The project is planned to be built, owned and operated [BOO] by Hydropulse, generating long-term contracted and recurring revenues for ITM Power. Our customer is planned to provide the site and utilities, including power, mitigating Hydropulse's exposure to electricity price volatility.

"We are in constructive discussions with banks on project-level financing to enable us to scale Hydropulse in a capital-efficient way," ITM Power added.

ITM Power Chief Executive Officer Dennis Schulz said: "This is an important milestone for our company. At 150 megawatts and with a planned 10-year contract duration, this project demonstrates the scale and potential of our BOO model. If progressed to definitive agreements, it would represent our largest commercial commitment to date and establish a material long-term contracted revenue stream for the group.

"We are delighted to be working with a leading European refinery and look forward to progressing the engineering, commercial and financial workstreams through final investment decision."

ITM Power shares rose 5.0% to 98.50 pence each late on Monday morning in London.

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