1 September 2017 – 10MW refinery hydrogen project with Shell
Shell has announced that it, together with ITM Power, plans a project to install a large scale electrolyser to produce hydrogen at the Wesseling refinery site within the Rheinland Refinery Complex. This will have a capacity of ten megawatts, which would make it the largest unit of its kind in Germany and the world’s largest Polymer Electrolyte Membrane electrolyser. The electrolyser technology also helps to improve the stability of the electricity grid. This is significant given the growing share of intermittent renewable energy sources, such as solar and wind. Clearly the link with Shell is a feather in ITM Power’s cap but this was in the numbers already. We maintain our SPECULATIVE BUY rating.