ITM Power inks NEPTUNE V supply contract with Westnetz

6th May 2025 10:08

(Sharecast News) - Electrolysers manufacturer ITM Power said on Tuesday that it has signed a contract to supply one of its full-scope 5MW containerised green hydrogen plant units to Westnetz, a Dortmund-based electricity and gas distribution system operator.

ITM Power said Westnetz will integrate the NEPTUNE V unit for its customer, a public transport operator and subsidiary of a German utility company.

The AIM-listed group added that the project forms part of plans to achieve the EU's Clean Vehicles Directive and have an emission-free hydrogen bus fleet by 2030.

Chief executive Dennis Schulz said: "We are proud to partner with our customer Westnetz. Since its launch in 2024, NEPTUNE V has established itself as the leading containerised green hydrogen plant on the market. Over the last six months, we have already signed 45MW of NEPTUNE V contracts."

As of 1005 BST, ITM Power shares were up 2.44% at 31.50p.

Reporting by Iain Gilbert at Sharecast.com