ITM Power secures deal with Shell for REFHYNE II project

Energy storage and clean fuel business ITM Power has inked a contract for its REFHYNE II project following a recent positive final investment decision from industry giant Royal Dutch Shell.

ITM said on Tuesday that it will supply 100 megawatts of TRIDENT stacks and skids to the Shell Rheinland Energy and Chemicals Park in Germany. Linde Engineering has been chosen as the EPC integrator and will collaborate closely with ITM.

REFHYNE II will use renewable electricity to produce up to 44,000 kilograms of renewable hydrogen daily, partially decarbonising fuel production at Shell's Wesseling refinery. The electrolyser was scheduled to begin operating in 2027.

Financial terms of the deal were not disclosed.

Chief executive Dennis Schulz said: "Shell is a leading global energy company, and we are proud they have selected us for this prestigious project. The performance of our latest generation electrolyser stacks in the REFHYNE I plant played an important role in Shell's proceeding to FID, as did their extensive due diligence on our technology and our capability to deliver this large-scale commercial project."

As of 0910 BST, ITM shares were up 3.33% at 54.97p.

Reporting by Iain Gilbert at Sharecast.com