UK-based ITM Power has today (May 9) launched a 5MW containerised PEM electrolyser plant, with a price tag of £4.35m ($5.4m).
Dubbed NEPTUNE V, ITM claims plant offers the “widest operation range” in its class all while being contained within the “smallest footprint per megawatt in the industry today.”
The £4.35m cost equates to £870/kW ($1,090/kW), compared to the $1,200-$2,000/kW for PEM systems estimated by a recent EY Parthenon report.
Designed for use in mid-size green hydrogen projects, Dennis Schulz, CEO of ITM, said the company expects demand to be “strong,” adding the firm was already in project discussion with a “wide-ranging number of customers.
Tim Calver, Vice-President Commercial at ITM, added, “The Neptune V has clear, competitive pricing and optimised footprint – our product aim is to help our customers confidently deliver projects up to 60MW in scale.”
Calver told H2 View the 5MW plant is based on the company’s “proven” TRIDENT stack technology, offering a low technology risk for customers looking to scale up their deployments.
“There’s a low technology risk here,” he said. “We want customers to be confident in scaling and that’s what NEPTUNE V offers. There’s less need for complex FEED (front-end engineering design) studies.”
Another key point Calver highlighted to H2 View was the plant’s operating range. He said the plant can turn down as low as 12.5% nominal load, allowing operators to meet the inherent variability of renewable energy.
It comes after the company “successfully” implemented its 12-month cash management plan, in January (2023) announcing increased revenues, a narrowing EBITDA and an improving cash position.
Read more: ‘Stronger, more focused and more capable’ – ITM Power posts H1 2024 results
As part of the plan, ITM narrowed its production portfolio for standardisation and volume manufacturing. It also said its manufacturing and testing capabilities had been debottlenecked with automation increased.
It also saw the firm sell its refuelling joint venture Motive Fuels to Jo Bamford-founded HYCAP for £28m ($35m).
Last month (April 2024), ITM agreed to supply up to 200MW of PEM electrolysers to Hygen Energy – chaired by Bamford – with the first phase of the agreement expected to see 50MW of Neptune electrolysers across several projects.
Read more: HYCAP acquires hydrogen refuelling business from ITM Power
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