Sheffield green energy specialist ITM Power has struck a deal which will see its solutions used at an overseas power plant.
Established in 2000, ITM Power designs and manufactures electrolysers to produce green hydrogen using electricity and water and it is listed on the AIM market in 2004. The Yorkshire business has now signed an agreement with a customer which “wishes to remain confidential at this stage”, to supply more than 300MW of electrolysers to produce green hydrogen for use in a power plant in the Asia-Pacific (APAC) region, to cut carbon emissions.
The project has received funding approval from the local authorities and remains subject to a Final Investment Decision (FID).
Dennis Schulz, CEO, said: “We are delighted to work with our customer to advance the engineering, permitting and wider plant integration to drive this large-scale project to FID.”
The deal announcement comes weeks after it raised its full-year guidance for sales and cash generation, saying it now anticipates annual revenue to be between £25.5m and £26.5m – a 30% hike on previous forecasts. Cash generation forecasts are now estimated to be between £204m and £204m, up from £160m to £175m.
In January, ITM Power revealed it had secured a development contract with a European energy company to design a 10MW green hydrogen production plant, set to be utilised across multiple Ƶ projects. The firm announced another contract win in March, this time for engineering work on an 8MW electrolyser for EDF's Tees green hydrogen project.
