ITM Power PLC on Monday said it has commenced bidding into projects in the US market.
The Sheffield, England-based maker of electrolysers to produce green hydrogen said it was now able to supply the same stack into both CE and ASME territories.
CE is the EU’s marking which affirms goods’ conformity with EU health, safety and environmental protection standards, while the American Society of Mechanical Engineers or ASME standard is accepted by over 100 countries.
ITM will pursue an ‘accelerated, asset-light entry’ into the US market, which is ‘widely recognised’ as having the potential to become one of the largest markets for electrolysers.
The company explained: ‘Supported by the $370 billion Inflation Reduction Act, the US National Clean Hydrogen Strategy & Roadmap, released in June 2023, identified future demand scenarios, with strategic opportunities for the domestic production of 10 million metric tonnes of clean hydrogen annually by 2030, 20 MMT annually by 2040, and 50 MMT annually by 2050.’
Chief Executive Officer Dennis Schulz said: ‘The region’s green hydrogen journey has just started, which provides ITM with a tremendous opportunity to become a leading electrolyser provider as the market develops over the coming years.’
ITM Power shares rose 3.4% to 71.60 pence each on Monday morning in London.
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