ITM Power has landed a significant capacity reservation deal with European energy powerhouse RWE for 150MW of its NEPTUNE V hydrogen units.
The agreement covers 30 units with call-offs expected by 2027.
“We are proud to expand our collaboration with RWE,” said Dennis Schulz, CEO.
“Building on our strong relationship developed through the joint execution of the GetH2 Nukleus project, this additional 150MW capacity reservation underlines RWE’s confidence in our technology and delivery capability. Repeat business with a global leader in energy is the strongest validation of our strategy, our products, and our people.”
Today’s deal builds on RWE’s successful operation of an ITM Power 4MW pilot plant and delivery of 200MW of electrolysers for the ambitious GetH2 Nukleus project in Lingen, Germany.
The NEPTUNE V represents ITM Power’s latest generation of containerised green hydrogen solutions, enabling rapid deployment and simplified installation. The units can also be interconnected to create larger container-based facilities.
Since its launch last year, the NEPTUNE V platform has achieved impressive commercial momentum and ITM say it is recognised as ‘a benchmark technology for commercial-scale green hydrogen projects’.
Investors will hope the agreement and its delivery can help push ITM back above 100p mark after a prolonged period trading beneath the key psychological level. ITM Power once traded above 600p.