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On May 9, 2025, ITM Power PLC signed a contract to supply a NEPTUNE II unit, a 2MW electrolyser system, to a leading Spanish cement producer. Revenue associated with this contract is expected to be recognised in FY26.
| Date | 9 May 2025 |
| Time | 07:00:02 |
| Category | Corporate updates |
| ID | 9578H |
9 May 2025
ITM Power PLC
NEPTUNE II contract with a cement producer
ITM Power is pleased to announce that we have signed a contract to supply a NEPTUNE II unit to a leading Spanish cement producer.
NEPTUNE II is our fully autonomous 2MW electrolyser system. Supplied with power conversion and incorporating all necessary balance of plant, the green hydrogen plant can be readily deployed as a complete package.
The NEPTUNE II unit will be deployed in the cement production process, where green hydrogen will be mixed with natural gas in the cement kiln, thereby reducing CO2 emissions.
With the shorter lead times for our NEPTUNE II containers, we expect to recognise the associated revenue for this contract in FY26.
Dennis Schulz, CEO, said, "We are delighted that a well-established cement producer has chosen ITM for this project. This will be ITM's first system deployment in the cement industry, which, according to the International Energy Agency, accounts for around 8% of global CO2 emissions."
For further information, please visit www.itm-power.com or contact:
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ITM Power PLC |
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Justin Scarborough, Head of Investor Relations
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+44 (0)114 551 1080 |
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Berenberg |
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Ciaran Walsh, Harry Nicholas
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+44 (0)20 3207 7800 |
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J.P. Morgan Cazenove |
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Richard Perelman, Charles Oakes |
+44 (0) 20 7742 4000 |
About ITM Power PLC:
ITM Power was founded in 2000 and ITM Power PLC was admitted to the AIM market of the London Stock Exchange in 2004. Headquartered in Sheffield, England, ITM Power designs and manufactures electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero energy gas, using renewable electricity and water.