ITM Power inks strategic partnership with Hygen
ITM Power
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16:45 03/05/24
ITM Power announced a strategic partnership with Hygen on Friday, designating it as the preferred supplier of proton exchange membrane (PEM) electrolysers for hydrogen projects in the UK and across Europe.
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The AIM-traded firm said that under the partnership, Hygen was aiming to deploy up to 200MW of electrolyser projects in the coming years, leveraging ITM's advanced technology and equipment.
It said the collaboration would unfold in two phases, with the first set to encompass 50MW of ‘Neptune’ plug-and-play electrolysers across multiple projects, many of which would align with UK government HAR2 or similar funding initiatives.
The second phase was anticipated to scale up to 150MW, focusing on larger-scale modular electrolysers.
Each project would undergo a final investment decision (FID) process to ensure feasibility and viability.
ITM Power said both it and Hygen recognised the economic advantages of fostering a robust UK supply chain within the burgeoning hydrogen sector.
It said together, they would endeavour to optimise the viability and financial feasibility of Hygen's projects, particularly those involving larger-scale electrolyser installations.
ITM Power said it had expanded its Neptune annual capacity in terms of both unit production and MW capacity.
“Our collaboration with Hygen is an important milestone for both companies and for the UK,” said chief executive officer Dennis Schulz.
“We are looking forward to working in partnership with Hygen and its group companies Ryze and Wrightbus over the coming years, together playing a leading role in advancing the green hydrogen economy.”
At 0810 BST, shares in ITM Power were up 6.89% at 53.44p.
Reporting by Josh White for Sharecast.com.