Published 12th Oct 2026, 16:45 BST
Sheffield-based ITM told investors that Hydropulse had signed a heads of terms agreement on the scheme with a European oil refinery.
The project is planned to be built, owned and operated by Hydropulse, in a move ITM sai would generate “long-term contracted and recurring revenues”.
ITM said its customer is planned to provide the site and utilities, including power, mitigating Hydropulse’s exposure to electricity price volatility.
Speaking on the announcement, Dennis Schulz, ITM Power 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 [build-own-operate] 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 final investment decision.”
The project will use 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 study and are targeting a final investment decision in 2027, with hydrogen production expected to commence in 2029.
ITM added: “We are in constructive discussions with banks on project-level financing to enable us to scale Hydropulse in a capital-efficient way.”
ITM’s Yorkshire factory manufactures ‘electrolysers’, a technology required to generate green hydrogen by using electricity to split water into hydrogen and oxygen.
In April, it was announced that ITM was set to receive £40m investment from Great British Energy, the UK’s publicly owned energy company, alongside a £46.5m Government grant, designed to deliver a major expansion of hydrogen technology manufacturing in the UK.
The move is expected to eventually create around 400 jobs.
In June, ITM announced that it had entered a new partnership to develop green hydrogen production plants across the UK.
The company entered into a partnership with London-based Protium Green Solutions, in a move that will see the two companies initially focus on advancing the Cromarty Hydrogen Project in Scotland.
