UK electrolyser manufacturer ITM Power (LON:ITM) has signed a contract to supply three 5 MW Neptune V electrolyser units to a company in Germany.
ITM did not disclose the name of the “family-owned private German company”, or the value of the deal.
However, according to its website, the Neptune V retails for around £4.35 million.
The latest contract comes after ITM sold its first Neptune unit to a German firm Guttroff in November.
Launched in May this year, the Neptune V is a containerised electrolyser plant which utilises ITM’s Trident stack technology.
ITM said Neptune provides “reliable, flexible, and highly efficient hydrogen production capacity and the industry’s smallest footprint per MW”.
© Supplied by ITM PowerThe three units will be deployed into three individual projects, with the first delivery expected in the first half of calendar 2026, ITM added.
The electrolysers will provide green hydrogen to refuelling stations in Germany.
ITM Power chief executive Dennis Schulz said customer interest in the Neptune V “continues to exceed our expectations”.
“We are establishing ourselves as the go-to partner for down-to-earth industrial companies and family businesses, for whom it matters that their plants work reliably, safely and efficiently,” Schulz said.
Expansion plans for ITM Power
Headquartered in Sheffield, ITM Power is one of the world’s largest hydrogen electrolyser manufacturers and the first to be listed on the London Stock Exchange.
Founded in 2001, ITM originally manufactured hydrogen fuel cells but later expanded into electrolysers.
Alongside its Neptune and Trident lines, the firm launched its “cutting-edge” 20 MW ‘Poseidon’ module last year.
In recent years, ITM has made efforts to expand into the US and Europe, but it hasn’t all been plain sailing for the company.
At the start of this year, the company slashed its headcount by a third as it aimed to stem losses incurred in 2022.
In August, Schulz said the firm had made “significant progress” on its turnaround plan as its net loss fell to £27.2m, a 73% decrease from 2023.
Meanwhile, revenues rose to £16.5m, a 216% increase from the year prior.
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