ITM Power to supply three NEPTUNE V units to German company

Energy storage and clean fuel company ITM Power has signed a contract to supply three NEPTUNE V units, totalling 15 megawatts, to a family-owned private German company.

ITM Power said on Monday that its NEPTUNE V units, initially launched in May, will be deployed into three individual projects for the unnamed client, with first delivery expected in H126.

The AIM-listed group noted that the electrolysers will provide green hydrogen to refuelling stations across Germany.

Financial terms of the deal were not disclosed.

Chief executive Dennis Schulz said: "We are establishing ourselves as the go-to partner for down-to-earth industrial companies and family businesses, for whom it matters that their plants work reliably, safely and efficiently. We are pleased to have signed yet another NEPTUNE V contract in just a few weeks. Customer interest continues to exceed our expectations".

As of 1010 GMT, ITM Power shares were up 0.58% at 34.92p.

Reporting by Iain Gilbert at Sharecast.com