Bigger hydrogen product powers ITM - The Times
Bigger hydrogen product powers ITM
The launch of a bigger electrolyser product helped to drive shares in ITM Power higher, even as the hydrogen technology group reported a widened full-year loss.
The Sheffield-based company said it was offering 20-megawatt modules suited to producing green hydrogen for larger projects, such as oil refineries or ammonia production facilities.
Dennis Schulz, who took over as chief executive of the troubled group less than a year ago, described the Poseidon product as a “game-changer for large-scale electrolyser deployments”.
Shares in the company closed up 3¼p, or 3.7 per cent, at 90½p.
Electrolysers use electricity to split water into oxygen and clean-burning hydrogen, a fuel that is expected to be in high demand from companies seeking to decarbonise their operations.
ITM Power specialises in making
Related Knowledge Center: ENERGY BASICS: hydrogen
Hydrogen, long seen as a theoretical if not practical alternative to petroleum-based transportation fuels, is once again having a day in the sun as industries promote “green hydrogen,” produced using renewable resources.