ITM Power shares up 10% amid Germany contract

Shares of ITM Power, the Sheffield-based green hydrogen and energy storage firm, rose about 10% after it announce the award of a contract “for the procurement of long lead-time materials and components required for the manufacturing of our state-of-the-art MEP30 skids for a 100MW project” in Germany.

“The final investment decision (FID) is aimed to be taken by our customer in 2023,” said the firm.

ITM Power CEO Dennis Schulz said: “This order is an important endorsement of our technology and capability to deliver projects at scale.

“It will be the third 100MW project we are entrusted to execute.”