Analysts at Citi kept their recommendation for shares of ITM Power at ‘buy/High Risk’ after its joint-venture partner, Linde, inked a deal for the British company’s technology with chipmaker Infineon.
That, the broker said, further opened up a “potentially significant” end market for green hydrogen in general and for PEM electrolyser technology in particular.
The agreement also “positively affirmed” the JV with Linde, “creating further opportunities for ITM with large, credible industry leaders such as Infineon.”
Under the terms of the deal, Linde would build a 2MW electrolyser plant using ITM’s technology at Infineon’s Villach site in Austria.
The demonstration plant was set to go into operation in early 2022.
