ITM's Hydropulse signs heads of terms for 150 MW refinery hydrogen plant

ITM Power's build-own-operate subsidiary, Hydropulse, has signed heads of terms with an unnamed European oil refinery for a 150 MW green hydrogen plant, ITM announced on October 12, 2026. The plant would use ITM's Alpha electrolyser platform to make hydrogen on the refinery's site under a 10-year agreement. The partners are running a joint front-end engineering design (FEED) study, are targeting a final investment decision in 2027, and expect production to begin in 2029.

Heads of terms are a preliminary step, and ITM describes this one conditionally. "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," chief executive Dennis Schulz said. The announcement names neither the refinery nor its country, and gives no cost for the plant.

The structure leaves power supply to the customer. Hydropulse would build, own and operate the plant, while the refinery is planned to provide the site and utilities, including power, which ITM says limits Hydropulse's exposure to electricity price swings. ITM says it is in "constructive discussions with banks" on project-level financing.

The plant would put 150 MW of ITM's Alpha platform at a single refinery, whereas the launch of the Berlin-based subsidiary on June 25, 2025 described decentralised plants built on ITM's modular Neptune technology. The rest of the model matches that launch: refineries were on its list of target users, and customers were to keep power procurement or price indexation, reducing Hydropulse's market exposure.