First contract signed for NEPTUNE V

ITM Power is pleased to announce that we have signed our first contract to sell a NEPTUNE V unit to Guttroff GmbH, a private German company that provides solutions for technical and medical gases, welding supplies, and engineering and which celebrates its 100th company anniversary in 2025.

Launched in May this year and ideally suited for mid-sized projects, NEPTUNE V utilises ITM's leading and proven TRIDENT stack technology. NEPTUNE V is our full-scope 5MW containerised electrolyser plant. It provides reliable, flexible, and highly efficient hydrogen production capacity and the industry's smallest footprint per MW.

In July 2024, Guttroff received €5m of funding from Bavaria's Ministry of Economic Affairs and Energy as part of the Bavarian electrolyser subsidy program to start the domestic production of green hydrogen in the area. The electrolyser will provide green hydrogen to a planned refuelling station.

Dennis Schulz, CEO, said: "We are delighted to have been chosen by Guttroff, a renowned gases company, to provide our best-in-class technology for their first green hydrogen project. Since its launch just a few months ago, NEPTUNE V has been very well received by customers, and we are excited about the level of interest".

For further information, please contact:

ITM Power PLC

Justin Scarborough, Head of Investor Relations +44 (0)114 551 1080

or press@itm-power.com 

Investec Bank plc (Nominated Adviser and Broker) +44 (0)20 7597 5970

James Rudd / Chris Sim / Ben Griffiths

About ITM Power PLC: 

ITM Power was founded in 2000 and ITM Power PLC was admitted to the AIM market of the London Stock Exchange in 2004. Headquartered in Sheffield, England, ITM Power designs and manufactures electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero energy gas, using renewable electricity and water.