The project comprises 150 MW of ITM Power's Alpha electrolyser platform to produce green hydrogen on site under a 10-year agreement.
The parties are already progressing a joint Front End Engineering Design (FEED) study and are targeting FID in 2027, with hydrogen production expected to commence in 2029.
The project is planned to be built, owned, and operated by Hydropulse, generating long-term contracted and recurring revenues for ITM Power. Its customer is planned to provide the site and utilities, including power, mitigating Hydropulse's exposure to electricity price volatility. ITM Power is also in constructive discussions with banks on project-level financing to enable it to scale Hydropulse in a capital-efficient way.
Dennis Schulz, CEO ITM Power, said: "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 Build, Own, Operate (BOO) model. 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.
We are delighted to be working with a leading European refinery and look forward to progressing the engineering, commercial and financial workstreams through FID."