Shares of Sheffield-based green hydrogen firm ITM Power rose about 10% on Monday after it announced it has signed a Front-End Engineering Design (FEED) contract for a project which has been shortlisted in the UK’s Hydrogen Allocation Round 2 (HAR2).

ITM Power shares have now risen more than 140% in 2025 to give the firm a stock market value of roughly £535 million.

“The FEED is based on multiple NEPTUNE V units, our 5MW containerised green hydrogen plant,” said ITM Power.

“The project remains subject to a Final Investment Decision (FID). Our customer expects the plant to be operational in 2028.”

ITM Power CEO Dennis Schulz said: “We are delighted to have signed the FEED contract for yet another UK HAR2 project.

“This is a further signal that NEPTUNE V is the leading containerised product for mid-scale green hydrogen projects, and we are looking forward to supporting our customer to progress the project through FID.”