ITM Power PLC: Momentum Builds on a 150 MW NEPTUNE V Reservation
On 22 September 2025, ITM Power PLC (LSE: ITM) confirmed a 150 MW capacity reservation with German utility RWE for its NEPTUNE V electrolyser platform, signalling a decisive expansion of the company’s commercial footprint. The announcement comes amid a flurry of analyst commentary suggesting a near‑term surge in share price, as reflected in the series of blog posts dated 20–22 September.
NEPTUNE V and the 150 MW Reservation
NEPTUNE V is the next generation of ITM Power’s high‑efficiency electrolyser technology, designed to convert renewable electricity into green hydrogen at a scale that rivals conventional power plants. By securing a 150 MW commitment from RWE—a major European energy producer—the company has secured a sizeable pipeline that should drive revenue growth and production volume in the coming years.
The deal also aligns with the UK and EU governments’ hydrogen decarbonisation strategies, which emphasize large‑scale, renewable‑powered production. ITM Power’s focus on reducing the cost of hydrogen production positions the firm to benefit from policy incentives and the growing demand for green fuel across transport, industry, and residential markets.
Market Impact
The share price, which closed at £69.8 on 18 September, has been trading near its 52‑week high of £98.45. The announcement of the NEPTUNE V reservation has intensified speculation about a forthcoming price breakout, reflected in a succession of high‑volume trading alerts on 20–22 September. While the posts are promotional in tone, the underlying business development provides substantive catalysts for investor interest.
With a market capitalization of approximately £43.1 bn, ITM Power sits comfortably within the larger industrials sector, yet its niche focus on electrical equipment and hydrogen technology gives it a distinctive upside potential. The company’s headquarters in Sheffield and its extensive product portfolio, including green hydrogen storage solutions, reinforce its position as a key player in the transition to a low‑carbon economy.
Forward‑Looking Outlook
The NEPTUNE V reservation represents a tangible step toward scaling up green hydrogen production in Europe. Assuming RWE moves forward on the contractual commitments, ITM Power is poised to deliver increased revenue streams and to leverage its proven technology in new markets. The timing of the announcement coincides with broader sector momentum, as utilities worldwide seek to diversify their renewable portfolios.
Analysts monitoring ITM Power’s pipeline will be particularly attentive to the progress of the NEPTUNE V deployment, the company’s ability to maintain cost efficiencies, and its capacity to secure additional large‑scale orders. Given the current market sentiment and the firm’s strong fundamentals—such as a robust 52‑week high and a sizable market cap—ITM Power appears well positioned to capture the next wave of hydrogen investment.