ITM Power PLC (AIM:ITM) shares traded up 9% in Tuesday’s early deals after announcing contract wins for a pair of projects in the UK.
The British technology and engineering small-cap in a statement said it had been selected as the supplier for two green hydrogen projects in the UK.
One of the projects was successful in the UK government's Hydrogen Allocation Round 2, and both projects will use ITM’s POSEIDON electrolysis module which, the company highlights, offers high efficiency, quick response times, and a compact footprint.
"We are honoured to be chosen for yet another HAR2 project in the UK, just weeks after Uniper confirmed us for their 120MW Humber project,” chief executive Dennis Schulz said.
“This supplier selection demonstrates two things: that the UK is starting to gain traction in green hydrogen, and that we are establishing early leadership in our home market."
The two projects remain subject to final investment decisions.