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ITM Power signs new NEPTUNE V supply contract

Thu 13 Feb 2025 09:45

(Sharecast News) - Energy storage and clean fuel business ITM Power said on Thursday that it has signed a new contract to supply four of its NEPTUNE V units to multi-energy producer La Française de l'Energie. ITM Power's NEPTUNE V full-scope 5MW containerised green hydrogen plants will be deployed into the first phase of Norway's Hydrogen Hub Agder project, which is 100% owned by Greenstat, a subsidiary of FDE.

The London-listed group stated the 20MW green hydrogen hub facility will be dedicated to supplying the maritime industry, with production expected to start in late 2026. The project's second phase was expected to be for an additional 40MW, planned to be launched in 2027.

Chief executive Dennis Schulz said: "The Nordic countries present an exciting opportunity for green hydrogen, and it is a privilege that FDE has selected us for the Agder Hydrogen Hub in Norway."

As of 0945, ITM Power shares were up 1.74% at 35.0p.

Reporting by Iain Gilbert at Sharecast.com

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