ITM Power: Sheffield firm signs contract to supply green hydrogen plant to German firm

Westnetz then plans to integrate the unit for its customer, a public transport operator and subsidiary of a German utility company.

Dennis Schulz, CEO of ITM, said: "We are proud to partner with our customer Westnetz. Since its launch in 2024, NEPTUNE V has established itself as the leading containerised green hydrogen plant on the market.

“Over the last six months, we have already signed 45MW of NEPTUNE V contracts."

The announcement comes after ITM last month lifted its revenue expectations for 2025 by 30 per cent.

The company announced that it now expects to post revenue between £25.5m and £26.5m for the 2025 financial year, up 30 per cent from its previously announced range.

ITM said the increase was due to additional contractual obligations having been fulfilled and associated revenue now recognised.

Speaking at the time, Mr Schulz added: “ITM is continuing to achieve a strong revenue performance while tightly managing costs and capital expenditures.”

The company said it also expects to be net cash generative in the second half of 2025, with cash at the end of the financial year expected to be between £204m and £250m, up from £203m at the half-year mark.

ITM’s original cash guidance, issued in August 2024, was between £160m and £175m and in January 2025, the guidance was increased to between £185m and £195m.

The firm’s adjusted EBITDA loss guidance of £32m to £36m, however, remained unchanged.

ITM also said in January that it was in the “best operational shape ever” it had ever been in.