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(Sharecast News) - Proton exchange membrane technology group ITM Power has reveived notice to proceed for a previously announced 20 megawatt project, which the customer having now made its final investment decision.
ITM Power, which anticipates being able to provide further details towards the end of the first quarter, said on Monday that the notice to proceed formally authorises it to commence full project work, thereby setting the official contract start date.
Accordingly, the AIM-listed firm said the contract was now "firm" and will be added to its contracted order backlog.
Chief executive Dennis Schulz said: "We are proud that we have been entrusted to deliver yet another important industrial-scale project, and we are looking forward to providing more information on the project specifics in due course."
As of 0815 GMT, ITM shares were up 5.26% at 62.52p.
Reporting by Iain Gilbert at Sharecast.com
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