ITM Power (LON: ITM) shares rose at the start of Thursday’s session after the company secured a contract to supply four NEPTUNE V green hydrogen units to La Française de l'Energie (FDE) for a major project in Norway.
The stock initially hit a high of 37.08p following the news. It is currently up 1.1% at 34.78p. However, the stock is down over 45% in the last 12 months.
The deal will see 20MW of ITM’s NEPTUNE V systems deployed in the first phase of the Hydrogen Hub Agder project, which is 100% owned by Greenstat, a subsidiary of FDE.
The green hydrogen hub will supply the maritime industry, with production expected to begin in late 2026. A second phase, planned for 2027, is set to expand the facility by an additional 40MW.
NEPTUNE V is ITM Power’s 5MW containerised hydrogen plant, using the company’s TRIDENT stack technology to deliver efficient and flexible hydrogen production.
Dennis Schulz, CEO of ITM Power, highlighted the strategic importance of the deal: “The Nordic countries present an exciting opportunity for green hydrogen, and it is a privilege that FDE has selected us for the Agder Hydrogen Hub in Norway.”
FDE’s CEO Antoine Forcinal added: “We are delighted to work with ITM as a partner for the supply of an integrated electrolyser solution for our Agder Hydrogen Hub project, one of the largest green hydrogen projects in Norway.”
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