Clean energy business prepares to break into the US

Energy storage and clean fuel company, ITM Power, is beginning bidding into projects in the US market.

The Sheffield-headquartered business explains it will pursue an accelerated, asset-light entry into the US market, building on its strong relationships with various North America based industry leaders.

Dennis Schulz, CEO, said: “The US has the potential to become one of the largest markets for green hydrogen.

“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 adds the US is widely recognised as having the potential to become one of the largest markets for its electrolysers.

Supported by the $370bn Inflation Reduction Act (IRA), the US National Clean Hydrogen Strategy and Roadmap, released in June 2023, identified future demand scenarios, with strategic opportunities for domestic production of 10 million metric tonnes (MMT) of clean hydrogen annually by 2030, 20 MMT annually by 2040, and 50 MMT annually by 2050.

It complements the $9.5bn investment for clean hydrogen through the Infrastructure Law.