UK green hydrogen manufacturer ITM Power (LON:ITM) has secured a first contract in Germany for its 5 MW ‘Neptune V’ electrolyser.
Launched in May this year, the Neptune V is a containerised electrolyser plant which utilises ITM’s Trident stack technology.
ITM sold the unit, which retails for £4.35 million, to German firm Guttroff, which provides solutions for engineering, technical and medical gases, and welding supplies.
© Supplied by ITM PowerITM said Guttroff received €5m (£4.15m) of funding from the state government of Bavaria in July as part of an electrolyser subsidy program.
The program aims to start domestic production of green hydrogen in the region, and the ITM unit will supply a planned refuelling station.
ITM Power chief executive Dennis Schulz said the Neptune V has been “very well received by customers” since its launch, and the firm is “excited about the level of interest”.
© Supplied by ITM PowerExpansion plans for ITM Power
Headquartered in Sheffield, ITM Power is one of the world’s largest hydrogen electrolyser manufacturers and the first to be listed on the London Stock Exchange.
Founded in 2001, ITM originally manufactured hydrogen fuel cells but later expanded into electrolysers.
Alongside its Neptune and Trident lines, the firm launched its “cutting-edge” 20 MW ‘Poseidon’ module last year.
In recent years, ITM has made efforts to expand into the US and Europe, but it hasn’t all been plain sailing for the company.
At the start of this year, the company slashed its headcount by a third as it aimed to stem losses incurred in 2022.
In August, Schulz said the firm had made “significant progress” on its turnaround plan as its net loss fell to £27.2m, a 73% decrease from 2023.
Meanwhile, revenues rose to £16.5m, a 216% increase from the year prior.
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