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ITM Power ( (GB:ITM) ) has provided an update.
ITM Power has signed a 12.5MW contract with Octopus Energy Generation to deploy its NEPTUNE V green hydrogen systems at Kimberly-Clark’s Northfleet manufacturing plant for decarbonizing paper production. Green hydrogen will support an innovative dual-fuel boiler system, aiding Kimberly-Clark’s ambition for 100% renewable energy and showcasing the vital role of hydrogen in reducing emissions for energy-intensive industries. The facility is expected to begin operations by the end of 2027, marking a significant development for green hydrogen adoption in industrial processes.
The most recent analyst rating on (GB:ITM) stock is a Hold with a £68.00 price target. To see the full list of analyst forecasts on ITM Power stock, see the GB:ITM Stock Forecast page.
Spark’s Take on GB:ITM Stock
According to Spark, TipRanks’ AI Analyst, GB:ITM is a Neutral.
ITM Power’s overall stock score is primarily influenced by its financial performance challenges, including negative profitability and cash flow issues. While the earnings call provided positive insights into future growth and strategic initiatives, the current technical indicators and valuation metrics reflect a cautious outlook. The company’s strong revenue growth and contract backlog are positive, but operational inefficiencies and market challenges remain significant concerns.
To see Spark’s full report on GB:ITM stock, click here.
More about ITM Power
ITM Power plc, established in 2000 and headquartered in Sheffield, England, designs and manufactures electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen using renewable electricity and water. The company focuses on enabling net zero solutions through green hydrogen production for industries and markets aiming to decarbonize their operations.
Average Trading Volume: 2,926,326
Technical Sentiment Signal: Sell
Current Market Cap: £390.8M
Learn more about ITM stock on TipRanks’ Stock Analysis page.