ITM Power Strikes Deal to Provide Green Hydrogen Solutions for Power Plant in Asia-Pacific
Key Ideas
  • ITM Power has signed an agreement to supply over 300MW of electrolysers for green hydrogen production at a power plant in the Asia-Pacific region.
  • The project has received funding approval from local authorities and is pending a Final Investment Decision (FID).
  • The company raised its full-year revenue guidance by 30% and cash generation forecasts in anticipation of increased sales.
  • ITM Power has also secured contracts for green hydrogen projects in Europe and the UK, showcasing its commitment to sustainability and growth.
In a significant development, Sheffield-based green energy specialist ITM Power has secured a deal to provide its innovative solutions for green hydrogen production at a power plant in the Asia-Pacific region. The company, established in 2000, specializes in designing and manufacturing electrolysers that utilize electricity and water to produce green hydrogen. Although the customer's identity is confidential at this stage, ITM Power's CEO, Dennis Schulz, expressed enthusiasm about advancing the large-scale project towards the Final Investment Decision (FID). This strategic move comes on the heels of the company revising its full-year revenue guidance upwards, indicating a strong growth trajectory. With funding approval from local authorities, the project aims to contribute towards reducing carbon emissions. Moreover, ITM Power's recent successes include securing a development contract with a European energy company for a 10MW green hydrogen production plant, intended for various projects in the UK. Additionally, the company has won an engineering contract for an 8MW electrolyser for EDF's Tees green hydrogen project. These endeavors underscore ITM Power's commitment to expanding its green technology solutions globally and its pivotal role in advancing sustainable energy practices.
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