ITM Power PLC Surges on Major Green Hydrogen Project Deal in Asia-Pacific
Key Ideas
- ITM Power PLC's shares rose 18% following the announcement of a major green hydrogen project deal in the Asia-Pacific region.
- The UK-based company will supply over 300MW of electrolysers for the project to produce hydrogen for power generation and emissions reduction.
- The project has funding approval from local authorities but is pending a final investment decision, with ITM now assisting in engineering and integration work.
- The stock price of ITM Power PLC increased by 6.44p to 42.24p in early trading as a result of the news.
Shares of ITM Power PLC saw a significant surge of 18% in early trading after the company revealed its involvement in a substantial green hydrogen project in the Asia-Pacific region. The UK-based clean energy firm has secured a deal to supply more than 300MW of electrolysers for the project, which is intended to produce hydrogen for power generation and contribute to carbon emissions reduction. While the customer behind the project has not been disclosed yet, ITM has confirmed its role and is now actively supporting the engineering, permitting, and integration processes to advance the project towards final approval. The scheme has received the green light from local authorities, highlighting its potential in the renewable energy landscape. ITM Power PLC's stock price experienced a positive momentum, climbing by 6.44p to 42.24p following the announcement, indicating investor confidence in the company's participation in this significant green initiative.