Hydropulse, the Build, Own, Operate (BOO) subsidiary of electrolyser manufacturer ITM Power, has signed Heads of Terms with a European oil refinery for a large-scale green hydrogen project, the company announced on 12 October 2026.

The project in development comprises 150 MW of ITM Power's Alpha electrolyser platform, which will produce green hydrogen on site at the refinery under a 10-year agreement. The announcement came from ITM Power, which is headquartered in the UK and listed on the London Stock Exchange AIM under the ticker ITM.

Timeline Targets FEED Study Now Underway

The parties are already progressing a joint Front End Engineering Design (FEED) study and are targeting a Final Investment Decision (FID) in 2027, with hydrogen production expected to commence in 2029.

Under the planned structure, the project will be built, owned, and operated by Hydropulse, generating long-term contracted and recurring revenues for ITM Power.

The customer is planned to provide the site and utilities, including power, which the company says will mitigate Hydropulse's exposure to electricity price volatility.

ITM Power also disclosed that it is in constructive discussions with banks on project-level financing, which it intends to use to scale Hydropulse in a capital-efficient way.

CEO Describes Largest Commercial Commitment to Date

Dennis Schulz, Chief Executive Officer of ITM Power, described the signing as an important milestone for the company.

"This is an important milestone for our company. At 150 MW and with a planned 10-year contract duration, this project demonstrates the scale and potential of our BOO model," Schulz said.

"If progressed to definitive agreements, it would represent our largest commercial commitment to date and establish a material long-term contracted revenue stream for the Group."

Schulz added that the company is delighted to be working with a leading European refinery and looks forward to progressing the engineering, commercial and financial workstreams through FID.

About ITM Power and Its Technology

ITM Power designs and manufactures industrial-scale electrolysers for green hydrogen production. According to the company, its proprietary PEM technology, vertically integrated manufacturing and in-house engineering capabilities enable it to supply standardised, high-performance hydrogen plants.

The company states that, with a track record in large-scale projects, it helps leading industrial and energy companies achieve their decarbonisation goals. In addition to its equipment offering, ITM Power provides hydrogen supply through its build, own and operate model, Hydropulse.

ITM Power holds the Green Economy Mark, a designation that recognises companies generating more than 50% of their revenues from green products and services.

Next Steps

The Heads of Terms agreement marks an early-stage commercial commitment rather than a definitive contract. The joint FEED study is currently in progress, and the parties are working toward a Final Investment Decision targeted for 2027.

If that decision is reached, hydrogen production at the refinery site is expected to begin in 2029. The company notes that project-level financing discussions with banks are ongoing as part of the workstreams to be advanced through FID.

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