ITM Power shares rose on Monday after the company confirmed receipt of a Notice to Proceed for a 20MW project following the customer’s Final Investment Decision.
Although the update didn’t specifically name a project, it could relate to the MorGen 20MW West Wales Hydrogen project in Milford Haven announced in August last year. ITM will deploy POSEIDON, its 20 MW modular electrolyser platform, at the project.
The NtP formally authorises ITM to begin full project work and sets the official contract start date. The contract will now be added to the company’s contracted order backlog.
ITM expects to provide further project details towards the end of the first quarter of 2026.
“We are proud that we have been entrusted to deliver yet another important industrial-scale project, and we are looking forward to providing more information on the project specifics in due course,” said Dennis Schulz.