ITM Power Shares Rise on Expanded RWE Green Hydrogen Partnership
By Lucas Fernandez, World-Today-News.com
LONDON – Shares in ITM Power PLC experienced a boost Monday morning, rising 3.3% to 72.10 pence, following the proclamation of an expanded collaboration with German energy giant RWE AG. The agreement centers around a capacity reservation for 150 megawatts of ITM Power’s Neptune V electrolyser units.
ITM Power,headquartered in Sheffield,England,specializes in the design and manufacture of electrolyser systems crucial for the production of green hydrogen – a key component in the global transition to sustainable energy sources. Electrolysers use electricity to split water into hydrogen and oxygen, with green hydrogen specifically utilizing renewable energy sources for this process.
The Neptune V units are containerized, offering a scalable and efficient solution for on-site green hydrogen production. The reservation agreement anticipates RWE making call-offs for these units by 2027.
This latest development builds upon an existing relationship between the two companies. RWE has already been operating ITM Power’s pilot plant and is currently receiving 200 megawatts of electrolysers for the GetH2 Nukleus project – a significant green hydrogen initiative.
“We are proud to expand our collaboration with RWE. Building on our strong relationship developed through the joint execution of the GetH2 Nukleus project, this additional 150MW capacity reservation underlines RWE’s confidence in our technology and delivery capability. Repeat business with a global leader in energy is the strongest validation of our strategy, our products, and our people,”
Dennis Schulz, Chief Executive of ITM Power
RWE shares also saw a positive movement, increasing by 1.1% to €35.85 in Frankfurt trading. The agreement signals growing momentum for green hydrogen technologies and the increasing investment in infrastructure to support a hydrogen-based economy.
The demand for green hydrogen is expected to surge as countries and industries seek to decarbonize, making companies like ITM Power pivotal in achieving climate goals. This partnership with RWE positions ITM Power favorably to capitalize on this growing market.