ITM Power Sharesโค Rise on Expanded RWE Green Hydrogen Partnership
By Lucas Fernandez, โขWorld-Today-News.com
LONDON – Shares โขin ITM Power PLC experienced a boost โMonday morning, rising 3.3% to 72.10 pence, following the proclamation โขof an expanded collaboration with German energy giant RWE AG. The agreement centers around a capacity reservation for 150 โฃmegawattsโ of ITM Power’s Neptune V electrolyser units.
ITM Power,headquartered in Sheffield,England,specializes in the design and manufacture of electrolyser systems crucialโ for the production โof green hydrogen – a key component in the global transition to sustainable energy sources. Electrolysers use electricity to โขsplit water into hydrogen and oxygen, with green hydrogen specifically utilizing renewable โคenergy sources for this process.
The Neptune V units are containerized, โขoffering a scalable and efficient solution for โขon-site greenโ hydrogen production. โThe reservationโฃ agreement anticipates RWE โmaking call-offsโ for these units by โข2027.
This latest development builds โupon anโค existing relationship betweenโฃ the two companies. RWE has already been operating ITM Power’sโค pilot plant and is currently receiving 200 โmegawatts of electrolysers for โthe GetH2 Nukleus project – โa significant green hydrogen initiative.
“We areโค proud to expand our collaboration with RWE. Building on our strong relationship developed through โคthe joint execution of the GetH2 Nukleus project, this additional 150MWโ capacity reservation underlines RWE’sโค confidence in our technology and delivery capability. Repeat business with a global leader in energy isโ the strongest validation of our strategy, our products,โ and our people,”
Dennis Schulz, โChief Executive of ITM Power
RWE shares also saw a positive movement, increasing byโ 1.1% toโ โฌ35.85 in Frankfurt trading. The agreement signals growing momentum for green hydrogen technologies and the increasing investment in infrastructureโข to support a hydrogen-based economy.
The demand for green hydrogen is expected to surge as countries and industries seek toโค decarbonize, making companies like ITM Power pivotal โฃin achieving climate goals. This partnership with RWE positions ITM Power favorably to capitalize โon this โคgrowing market.
