ITM Power PLC (AIM:ITM) shares advanced in Monday morning's deals, after it announced the signing of a Front-End Engineering Design (FEED) contract for a hydrogen project shortlisted in the UK’s Hydrogen Allocation Round 2.
The FEED will cover multiple 'NEPTUNE V' units, each of which will be a 5MW containerised green hydrogen plant.
The project remains subject to a final investment decision, ITM noted, though the new hydrogen facility is expected to be operational in 2028.
"We are delighted to have signed the FEED contract for yet another UK HAR2 project," said chief executive Dennis Shulz.
"This is a further signal that NEPTUNE V is the leading containerised product for mid-scale green hydrogen projects, and we are looking forward to supporting our customer to progress the project through FID."
In London, ITM shares were up around 7% changing hands at 84.45p.