LONDON (ShareCast) - (Sharecast News) - Hydrogen energy specialist ITM Power announced an agreement with Power On Connections on Tuesday, to increase its power supply at Bessemer Park by 300%.
The AIM-traded firm said the deal would form part of its growth ambitions to significantly increase product testing.

Power On Connections specialises in utilities connections, with the partnership set to see ITM Power's supply increase from 7.5 to 30 megavolt amperes by the end of 2024.

As a first step towards the goal, ITM Power said it had already increased its power supply by 50% from five to 7.5 megavolt amperes.

The board said the upgrade was available with immediate effect, and would allow it to test two 2MW modules simultaneously.

"As part of our 12-month plan, in January I stated our intention to increase testing capacity in order to satisfy our project delivery needs," said chief executive officer Dennis Schulz.

"Today's announcement is an important step to debottlenecking our manufacturing output and an important enabler for scaling production."

At 1355 GMT, shares in ITM Power were up 8.98% at 87.73p.

Reporting by Josh White for Sharecast.com.

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