Published 16th Oct 2023, 08:55 BST

The firm, which designs and manufactures electrolysers based on proton exchange membrane technology to produce green hydrogen, has announced to the London Stock Exchange that it will pursue “an accelerated, asset-light entry into the US market” building on existing relationships with North American companies.

The decision follows the introduction of the US National Clean Hydrogen Strategy and Roadmap, which is supported by the $370 billion Inflation Reduction Act programme which seeks to boost eco-friendly investments in the States.

The hydrogen roadmap has suggested that America could be producing 10 million metric tonnes of clean hydrogen a year by 2030 and reach 50 million metric tonnes a year by 2050.

ITM Power wants to expand into American markets. Picture: Getty

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

Dennis Schulz, CEO ITM, 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.”

It follows ITM standardising production and supply chain processes to assist with entry into international markets.

Sheffield's ITM Power targets 'tremendous opportunity' of US green hydrogen market