ITM Power announces entry into the US market

16th Oct 2023 07:39

(Sharecast News) - Green energy group ITM Power has announced it is starting bidding into projects in the US market, which it says could become one of its largest markets.

The company, which makes electrolysers based on proton exchange membrane technology to produce green hydrogen, said it is now able to offer its services into both "CE and ASME territories" - a standardisation which means it can use one production process and supply chain, simplifying operations and enabling economies of scale.

"The region's green hydrogen journey has just started, which provides ITM with a tremendous opportunity to become a leading electrolyser provider as the market develops over the coming years," said ITM chief executive Denis Schulz.

The US is thought to have the potential to become one of the largest markets for electrolysers, with this summer's US National Clean Hydrogen Strategy and Roadmap identifying opportunities for the domestic production of 10m metric tonnes (MMT) of clean hydrogen annually by 2030. This should rise to 20MMT by 2040 and 50MMT by 2050.

Currently, the International Energy Agency estimates that the current global use of grey hydrogen is just 95MMT each year.