ITM Power Secures NEPTUNE II Contract with Spanish Cement Producer
Why we think this is good
The announcement of a new contract for ITM Power's NEPTUNE II electrolyser system with a leading Spanish cement producer is a positive development. While the financial details are not fully disclosed, the contract represents an expansion into a new industry sector, which could lead to further opportunities. The company's ability to secure this deal suggests its technology is gaining traction in the market.
Key Points
- ITM Power has signed a contract to supply a NEPTUNE II electrolyser system to a leading Spanish cement producer
- The NEPTUNE II system will be used in the cement production process to reduce CO2 emissions by mixing green hydrogen with natural gas
- This is ITM Power's first system deployment in the cement industry, a new market for the company
- The associated revenue for this contract is expected to be recognized in FY26
Summary
ITM Power has announced a contract to supply its NEPTUNE II electrolyser system to a leading Spanish cement producer. The NEPTUNE II is a fully autonomous 2MW green hydrogen plant that can be readily deployed. The system will be used in the cement production process, where the green hydrogen will be mixed with natural gas in the cement kiln, reducing CO2 emissions. The company expects to recognize the associated revenue for this contract in FY26. This represents ITM Power's first system deployment in the cement industry, which accounts for around 8% of global CO2 emissions according to the International Energy Agency.