ITM Power Plc (ITM.L), an energy storage and clean fuel company, Friday announced that it secured a Front-End Engineering Design or FEED contract with a green hydrogen plant developer for a 50MW green hydrogen production site in the European Union for undisclosed terms.
The FEED will be centered on ten NEPTUNE V units, ITM Power's 5MW containerised electrolyser plant optimized for mid-sized projects. It aims to advance the project's development ahead of a Final Investment Decision for the whole project anticipated in 2025.
The plant is expected to produce around 5,000 tonnes of green hydrogen annually, starting in the second half of 2027, to supply local industries.
CEO Dennis Schulz, said, "NEPTUNE V was only launched in May of this year, and this FEED confirms our view at the time that mid-sized green hydrogen projects would experience strong momentum in the near term."
On the London Stock Exchange, ITM Power is currently trading 3.95 percent higher at 34.72 pence.
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