H-Power has agreed to outline terms to supply one of its ammonia crackers to hydrogen company Protium, opening a new revenue stream.
The hydrogen technology company said it had signed heads of terms for its HY5 unit, which uses its ammonia-cracking technology to produce up to 500kg of hydrogen a day at or close to where it is needed, reducing the cost of transporting and storing hydrogen. T
he agreement builds on an existing relationship, under which Protium already buys hydrogen produced by H-Power.
The initial two-year deployment is expected to begin in the second half of 2027, subject to planning and permitting approvals and a definitive agreement.
H-Power said the deal demonstrated its ability to produce cost-competitive hydrogen without government subsidy, and that the terms provided a framework for supplying further units to other Protium sites.
John Wilson, CEO of H-Power plc, said “This agreement is another important milestone in the reset of H-Power from a technology-led business into a commercially focused products company.”
“We now have LC30 product sales and hydrogen sales underway, and this agreement establishes the HY5 product revenue route we have set out as another core part of our commercial model.
“Protium is already a commercial customer of H-Power, having committed to purchase 5,000kg of hydrogen produced using our ammonia-cracking technology. The next step in that relationship is to supply the HY5, giving Protium access to our proprietary reactor technology so that hydrogen can be produced closer to where its customers need it.”
H-Power shares have trended down since hitting highs around 17p in April. Today’s announcement may encourage investors back into the stock.