ITM Power subsidiary Hydropulse enters partnership with ABO Energy
ITM Power Plc announced on Tuesday that its newly-established subsidiary Hydropulse has entered into a strategic partnership with international renewable energy developer ABO Energy to accelerate the rollout of decentralised green hydrogen production facilities across Europe.
The AIM-traded firm said the collaboration would combine ABO Energy's development capabilities, power supply expertise and access to industrial offtakers with Hydropulse's focus on building, owning and operating modular, containerised hydrogen plants using ITM's electrolyser technology.
It said the partnership would enable the companies to provide 'hydrogen-as-a-service' and 'infrastructure-as-a-service' solutions, offering industrial customers long-term hydrogen supply without upfront capital costs.
"This is about market traction - with ABO Energy's access to sites and end users, we can realise projects faster and turn our technology into recurring revenues," said Dennis Schulz, CEO of ITM Power.
"Our modular approach, combined with ABO Energy's project pipeline, creates a pragmatic route to help industry cut emissions.
"The partnership will also help us unlock new markets."Initial projects would be focused on Spain and Finland, where low power prices made green hydrogen production more attractive.
Several opportunities with immediate green hydrogen demand had already been identified, the companies said.
"It's a breakthrough moment for many hydrogen projects - we can now offer our customers a one-stop solution from development to long-term operation without capex intensity," commented Karsten Schlageter, managing sirector of ABO Energy.
"Many of our projects are already developed to a stage where we can move quickly when the offtake is committed.
"With Hydropulse on board, we can now offer our customers long-term reliable plant operation with a strong technology partner.
"This collaboration allows us to fast-track projects and deliver real value for industry."
At 0950 BST, shares in ITM Powerr were down 0.21% at 70.55p.
Reporting by Josh White for Sharecast.com.
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