Hydropulse signs Heads of Terms for 150 MW project

12 October 2026

ITM Power plc

Hydropulse signs Heads of Terms for 150 MW green hydrogen project

ITM Power is pleased to announce that its Build, Own, Operate (BOO) subsidiary, Hydropulse, has signed Heads of Terms with a European oil refinery for a large-scale green hydrogen project.

The project in development comprises 150 MW of ITM Power's Alpha electrolyser platform to produce green hydrogen on site under a 10-year agreement.

The parties are already progressing a joint Front End Engineering Design (FEED) study and are targeting Final Investment Decision (FID) in 2027, with hydrogen production expected to commence in 2029.

The project is planned to be built, owned and operated by Hydropulse, generating long-term contracted and recurring revenues for ITM Power. Our customer is planned to provide the site and utilities, including power, mitigating Hydropulse's exposure to electricity price volatility. We are in constructive discussions with banks on project-level financing to enable us to scale Hydropulse in a capital-efficient way.

Dennis Schulz, CEO, said: "This is an important milestone for our company. At 150 MW and with a planned 10-year contract duration, this project demonstrates the scale and potential of our BOO model. If progressed to definitive agreements, it would represent our largest commercial commitment to date and establish a material long-term contracted revenue stream for the Group.

We are delighted to be working with a leading European refinery and look forward to progressing the engineering, commercial and financial workstreams through FID."

You can view a presentation related to the announcement via the link below from 7:15 am today.

https://www.investormeetcompany.com/updates/a2ef03b6-405b-485b-a8e0-c0c8f608d0cb

For further information, please visit www.itm-power.com or contact:

About ITM Power plc:

ITM Power designs and manufactures industrial-scale electrolysers for green hydrogen production. Its proprietary PEM technology, vertically integrated manufacturing, and in-house engineering capabilities enable it to supply standardised, high-performance hydrogen plants.

With a proven track record in large-scale projects, ITM Power helps leading industrial and energy companies achieve their decarbonisation goals. In addition to its equipment offering, the company provides reliable and cost-competitive hydrogen supply through its build, own and operate (BOO) model, Hydropulse.

Headquartered in the UK, ITM Power is listed on the London Stock Exchange AIM (LSE: ITM) and holds the Green Economy Mark, which recognises companies that generate over 50% of their revenues from green products and services.