ITM Stocks Rise After Securing FEED Contract for EU Green Hydrogen Production Facility

Investing.com -- Leading energy technology company ITM Power announced this morning that it has been awarded a Front-End Engineering Design (FEED) contract for a 50MW green hydrogen production facility in the European Union. The contract was awarded by an unnamed, experienced green hydrogen facility developer.
As the chosen technology provider for this project, ITM Power will base the FEED on ten NEPTUNE V units, each with a capacity of 5MW. This contract represents a significant step in the development of green hydrogen production in the EU, as the project is expected to begin producing approximately 5kt/year of green hydrogen from the second half of 2027.
The Final Investment Decision (FID) for the project is expected to be made in 2025. Once operational, the facility will contribute to the EU's renewable energy targets and the global transition to cleaner energy sources by supplying green hydrogen to local industries.
RBC Capital Markets analysts noted in a statement, "This is another constructive update that demonstrates how the company's product and geographic focus provides a defensive stance and more commercial growth opportunities compared to a range of competitors in a complex market environment."