ITM Power PLC (AIM:ITM) shares strengthened on Monday, rising around 20% at one stage, after announcing a 500 megawatt deal with “a global industrial customer”.
Whilst the finer details of the deal will remain confidential, as part of the deal, the AIM-quoted company noted that the 500MW capacity reservation agreement will cover the period until the end of 2028.
This reservation secures future production capacity for the manufacturing of ITM's state-of-the-art electrolyser stacks.
"Today's announcement is a great example of how close collaboration will unlock competitive and successful green hydrogen projects,” ITM chief executive Dennis Schulz said in a statement.
“Following the already announced capacity reservation for 100MW from Shell, this agreement with yet another large-scale industrial customer is a validation of our technology and credibility to deliver."
In London, ITM shares were up 3.61p or 7.2% changing hands at 53.96p – and traded as high as 57.18p in early deals.