ITM Power shares jumped on Monday after the green hydrogen electrolyser manufacturer said it has secured future manufacturing contracts in a new deal.
In a short statement providing little in the way of detail, ITM has announced the signing of a 500MW capacity reservation with a global industrial client, ensuring future production capacity for the manufacture of the company’s cutting-edge green hydrogen electrolyser stacks.
The contract extends to the close of the 2028 calendar year and ITM Power anticipates orders in Europe and the United States.
At present, both parties have agreed to withhold additional contract details.
“Today’s announcement is a great example of how close collaboration will unlock competitive and successful green hydrogen projects,” said Dennis Schulz, CEO ITM.
“Following the already announced capacity reservation for 100MW from Shell, this agreement with yet another large-scale industrial customer is a validation of our technology and credibility to deliver.”