What is ITM Power?

ITM Power designs and manufactures industrial-scale electrolysers - the machines that split water into hydrogen and oxygen using renewable electricity. The hydrogen produced this way is called green hydrogen because no carbon dioxide is emitted during production. Its proprietary PEM (Proton Exchange Membrane) technology, vertically integrated manufacturing, and in-house engineering capabilities enable it to supply standardised, high-performance hydrogen plants.

With a proven track record in large-scale projects, ITM Power helps leading industrial and energy companies achieve their decarbonisation goals. In addition to its equipment offering, the company provides reliable and cost-competitive hydrogen supply through its build, own and operate (BOO) model, Hydropulse.

ITM has built a scalable, policy-aligned hydrogen platform integrating advanced technology, manufacturing depth and evolving commercial models. In doing so, ITM directly helps address the energy transition and the growing priorities around energy resilience, sovereignty and security by enabling domestic low‑carbon hydrogen production and reducing reliance on imported fuels. This positions the company to capture growth in a rapidly expanding global market, supported by strong structural and regulatory tailwinds.

Headquartered in the UK, ITM Power is listed on the London Stock Exchange AIM (LSE: ITM) and holds the Green Economy Mark, which recognises companies that generate over 50% of their revenues from green products and services.

Why Does Green Hydrogen Matter?

Many industries — steel, chemicals, shipping, heavy transport — are difficult to decarbonise with batteries alone. Green hydrogen is the only truly net-zero energy gas, making it one of the most important tools in the global transition away from fossil fuels.

ITM Power sits at the heart of this transition, supplying the electrolysers that produce green hydrogen at scale — from small modular units to 50 MW+ industrial plants.

Customers & Sectors

Industrial Chemicals Oil Refining Energy Utilities Heavy Transport Synthetic Fuels Green Ammonia Steel Manufacturing

Key Facts at a Glance

Full NameITM Power plc
Founded2000 (incorporated April 2000)
Headquarters2 Bessemer Park, Sheffield S9 1DZ, UK
Stock ExchangeLondon Stock Exchange AIM — Ticker: ITM
Core TechnologyPEM (Proton Exchange Membrane) Electrolysis
Output Range2 MW up to 100 MW+ per project
Key ShareholdersLinde plc (14.5%), GB Energy (10.4%)
ManufacturingBessemer Park Gigafactory, Sheffield (1 GW capacity)
German SubsidiaryITM Power GmbH (customer services & local ops)
Build-Own-Operate SubHydropulse GmbH (launched June 2025)
CEODennis Schulz (appointed December 2022)

How PEM Electrolysis Works

An electrolyser splits water (H₂O) into hydrogen (H₂) and oxygen (O₂) using electricity. In a PEM electrolyser, a solid polymer membrane acts as the electrolyte, allowing protons to pass through while blocking gases.

Step by Step

1. Power in — Renewable electricity (wind, solar, hydro) is fed into the system.

2. Water in — Deionised water enters the electrolyser cell.

3. Electrolysis — Electricity splits water at the anode; oxygen exits, protons cross the PEM membrane to the cathode.

4. Hydrogen out — Hydrogen gas is produced at the cathode at high purity and up to 30 bar pressure, ready for storage, distribution, or industrial use.

Why PEM over other technologies?

PEM electrolysers respond very rapidly to changes in power input — critical when working with variable renewable energy. They operate at high current density, are compact, and produce very high-purity hydrogen. These are the core advantages ITM Power's Trident stack technology is built around — see the Stack Diagram tab for a full technical breakdown.

Product Portfolio

All ITM Power products are built on the proprietary Trident stack platform — a 2 MW, 30-bar PEM electrolyser stack. Products are then scaled and packaged for different project sizes and deployment contexts.

Alpha 50
50 MW · Full-Scope Plant
ITM's flagship integrated offering — uniting technology, manufacturing, and deployment in one full-scope 50 MW green hydrogen plant. The world's first full-scope 50 MW plant concept, designed for high efficiency and capable of load changes within seconds to maximise hydrogen output. Produces high-purity hydrogen at 30 bar pressure.
Trident
2 MW · Core Stack
The foundation of the entire product range. A commercially proven 2 MW electrolyser skid based on 30 bar stacks with the highest current density on the market. Enables reduced footprint and cost, with leading conversion efficiency for flexible CAPEX/OPEX optimisation.
Neptune II
2 MW · Containerised
A fully autonomous green hydrogen plant built around the Trident stack. Supplied with a power conversion system and all necessary balance-of-plant equipment. Designed for plug-and-play deployment as a complete package for small-to-mid-size projects.
Neptune V
5 MW · Containerised
The 5 MW evolution of the Neptune family. A full-scope containerised green hydrogen plant engineered to outperform, designed against the highest safety and quality standards and drawing on learnings from operational electrolysers worldwide.
Poseidon
20 MW · Scalable Module
A 20 MW core electrolysis process module for large-scale projects. Built on Trident stacks, it consists of skid-mounted units that can be prefabricated and pre-tested, reducing deployment timelines and construction costs. Scalable for both indoor and outdoor facilities exceeding 100 MW.

Choosing the Right Product

Small pilot / testingTrident (2 MW base module)
Small-to-mid deploymentNeptune II (2 MW, containerised)
Mid-size projectNeptune V (5 MW, containerised)
Large industrial projectPoseidon (20 MW modules, scalable)
Full turnkey plantAlpha 50 (50 MW integrated plant)

PEM Electrolyser Stack — Cross Section

The diagram below shows how the key layers of a PEM electrolyser cell are arranged. DC electricity is applied across the stack; water is fed to both sides, protons cross the membrane from anode to cathode, and hydrogen is collected at up to 30 bar pressure.

ITM Power PEM Electrolyser Stack — Cross Section PEM electrolyser stack — cross section Cell Plate Bipolar Plate Porous Transport Layer Cathode Polymer Exchange Membrane Anode Porous Transport Layer Bipolar Plate Cell Plate H + H + Water in Water in Water + Hydrogen out Water + Oxygen out ITM Power PEM Electrolyser — itm-wiki.co.uk

Full Stack Architecture

The exploded diagram below shows every layer of a PEM electrolyser stack from end plate to end plate, including the repeated cell unit and the external balance of plant components.

ITM Power PEM Electrolyser — Full Stack Architecture PEM electrolyser — full stack architecture End plate Heavy structural plate — maintains stack compression Current collector Transfers DC power into the stack uniformly Bipolar plate Titanium — delivers water, removes gases, conducts current Cell (MEA + PTLs) — repeated N times Porous transport layer — anode side Titanium felt — distributes water, conducts current Anode catalyst layer IrO₂ / RuO₂ — oxidises water: 2H₂O → O₂ + 4H⁺ + 4e⁻ Proton exchange membrane (PEM) Nafion® — conducts H⁺, separates H₂ and O₂ Cathode catalyst layer Platinum — reduces protons: 4H⁺ + 4e⁻ → 2H₂ Porous transport layer — cathode side Carbon GDL — removes hydrogen, conducts current Bipolar plate Titanium — flow channels distribute fluids uniformly ── gaskets & seals between each cell ────────────── Manifolds Internal passages — distribute water, H₂, O₂ to every cell Tie rods / compression system Clamps stack — maintains uniform pressure on MEAs Current collector Collects current from all cells, connects to DC supply End plate Stainless steel or composite — supports manifolds & connections Balance of plant (external to stack) Deionised water supply Power electronics / rectifier H₂ purification & drying Cooling system & pumps ITM Power PEM Electrolyser — itm-wiki.co.uk

How a PEM Electrolyser Stack Works

A PEM electrolyser stack is made up of many individual electrolysis cells connected together in series to produce hydrogen from water. DC electricity splits water molecules at the membrane surface, releasing hydrogen at the cathode and oxygen at the anode.

1. Membrane Electrode Assembly (MEA)

The MEA is the heart of each cell. It consists of the proton exchange membrane, the anode catalyst layer, and the cathode catalyst layer.

Proton Exchange Membrane (PEM)

A solid polymer membrane — typically based on Nafion® — that conducts protons (H⁺ ions), separates hydrogen and oxygen gases, and prevents electron flow through the membrane itself.

Anode Catalyst Layer

Where water is oxidised: 2H₂O → O₂ + 4H⁺ + 4e⁻

Typically uses noble-metal catalysts such as Iridium Oxide (IrO₂) or Ruthenium Oxide (RuO₂).

Cathode Catalyst Layer

Where hydrogen is produced: 4H⁺ + 4e⁻ → 2H₂

Usually contains platinum on a carbon support.

Porous Transport Layers (PTLs)

Also called diffusion layers, PTLs distribute water and gases, conduct electricity, and provide mechanical support. On the anode side they are typically made from titanium; on the cathode side from carbon gas diffusion material.

2. Bipolar Plates (Flow Field Plates)

Located between adjacent cells, bipolar plates deliver water to the anode, remove oxygen and hydrogen, conduct current between cells, help manage heat, and provide structural support. Materials commonly include titanium, coated titanium, or corrosion-resistant alloys. The plates contain machined flow channels that distribute fluids uniformly across the active cell area.

3. Gaskets and Seals

Used around each cell to prevent leakage of water, hydrogen, and oxygen; electrically isolate components where necessary; and maintain compression of the stack. Materials are typically elastomers compatible with deionised water and operating conditions.

4. Current Collectors

Placed at each end of the stack to collect electrical current from all cells, transfer power from the external DC source into the stack, and ensure uniform current distribution.

5. End Plates

Heavy structural plates at each end of the stack that maintain compression on all cells, prevent deformation during operation, and support manifolds and external connections. Often manufactured from stainless steel or composite materials.

6. Tie Rods / Compression System

Mechanical hardware that clamps the stack together, maintains uniform pressure on the MEAs, and ensures low contact resistance throughout the cell stack.

7. Manifolds

Internal passages running through the stack that distribute feed water, hydrogen, oxygen, and coolant (where used). They ensure every cell receives uniform flow, which is critical for consistent performance across large stacks.

Balance of Plant (BoP)

The stack itself is only part of the electrolyser system. A complete PEM electrolyser also includes deionised water supply, power electronics / AC–DC rectifier, gas–liquid separators, hydrogen purification and drying equipment, cooling system, pumps and valves, and sensors and control systems.

These external components are collectively called the Balance of Plant (BoP) and can represent a substantial fraction of overall system cost — which is why ITM's integrated Neptune and Alpha 50 products include fully engineered BoP as standard.

Project Pipeline — Status Overview

ITM Power's project pipeline spans from fully operational plants through to pre-FEED engineering work and capacity reservations. Projects are organised below by their current status, drawn from official RNS announcements.

● Operational ● FID Reached / Contracted ● FEED / Engineering ● Pre-FEED / Reserved

🟢 Operational Projects

REF
HYNE
I
Germany · 10 MW · Operational since 2021
REFHYNE I — Shell Rhineland Refinery, Wesseling
Europe's first large-scale PEM green hydrogen project at Shell's refinery. Produces up to 10 tonnes of hydrogen per day, used for refinery decarbonisation. Partners: Shell, Linde/ILE. Landmark proof of PEM technology at industrial scale under the EU Clean Hydrogen Partnership.

🔵 FID Reached / Under Contract

RWE
GET
H2
Germany · 200 MW ITM (300 MW total) · Ordered 2022 · Commissioning from Dec 2025 · Commercial ops 2026
GET H2 Nukleus — RWE, Lingen (via Linde)
ITM Power's largest single delivery to date — 200 MW of Trident stacks supplied to Linde for RWE's landmark GET H2 Nukleus project in Lingen, Germany. The full plant is 300 MW, with ITM supplying 200 MW of PEM electrolysis and Sunfire supplying a further 100 MW of alkaline capacity. Stacks were ordered in 2022; ITM confirmed the final batch of Trident stacks left Sheffield in March 2026 — delivered on time. Commissioning of the first 100 MW began in December 2025, with commercial operations for that phase expected in 2026 and full 300 MW capacity targeted by 2027. The plant will be the largest PEM installation in the world when operational. Output is fed into RWE's cavern storage facility in Gronau-Epe. RWE has signed a 15-year offtake agreement with TotalEnergies for 30,000 tonnes/year of green hydrogen, destined for TotalEnergies' Leuna refinery via a 600 km pipeline, starting 2030. RWE also operates an ITM 4 MW pilot plant at the same Lingen site.
WEST
WALES
H2
UK · 20 MW · FID March 2026 · Construction 2026 · Commissioning early 2028
West Wales Hydrogen — MorGen Energy (Trafigura), Milford Haven
One of the first UK HAR1-funded projects to reach FID (March 11, 2026). MorGen Energy is a wholly-owned subsidiary of global commodity trader Trafigura. ITM will deploy a Poseidon 20 MW electrolysis module at the former Milford Haven Refinery site, located within the Celtic Freeport. Construction is expected to begin in 2026, with commissioning targeted for early 2028. The plant will produce ~2,000 tonnes of low-carbon hydrogen per year, compliant with the UK's Low Carbon Hydrogen Standard, and is expected to deliver over 15,000 tonnes of CO₂e savings annually. Hydrogen will serve port decarbonisation, industrial heating, manufacturing, and chemical feedstock applications across Milford Haven, Port Talbot, and wider Wales. Project financing is provided by Lloyds and Société Générale. ITM has also signed a ten-year Long-Term Service Agreement (LTSA) with MorGen Energy for ongoing maintenance and support.
OCT
OPU
S
UK · 12.5 MW · Contracted Dec 2025 · Under Construction April 2026 · Operational end 2027
Kimberly-Clark Northfleet — Octopus Energy Generation / HYRO
Contract signed December 2025 to deploy three Neptune V containerised green hydrogen systems at Kimberly-Clark's Northfleet manufacturing plant in Gravesend, Kent. Full construction began April 2026, making this one of ITM's first UK projects to move from contract to active construction. The green hydrogen will power a new dual-fuel boiler system (capable of running on hydrogen or natural gas) to decarbonise the paper-making process for Andrex® and Kleenex® products — making Kimberly-Clark the first UK consumer goods manufacturer to adopt green hydrogen at scale. The dual-fuel boilers are being installed by Ameresco and could cut natural gas consumption at the site by up to 50%. Funded through Octopus Energy Generation's HYRO vehicle, with HAR1 government support including a contracts-for-difference-style strike price of £241/MWh. System expected to be operational by end of 2027.
YARA
NH₃
International · 24 MW · Contracted 2022
Yara — Green Ammonia
A 24 MW contract with Yara, one of the world's leading fertiliser and chemicals producers, to supply the first green ammonia products using ITM electrolysers — demonstrating ITM's reach into the industrial chemicals sector.
REF
HYNE
II
Germany · 100 MW · FID August 2024 · Under Construction · Target 2027
REFHYNE II — Shell, Linde Engineering & ITM Power, Wesseling
The 100 MW expansion of Shell's Rhineland Refinery hydrogen facility — a direct successor to the operational 10 MW REFHYNE I plant on the same site. Shell took a positive FID and ITM signed the formal contract in August 2024. ITM is supplying 100 MW of Trident electrolyser stacks and skids (manufactured between 2025 and 2026); Linde Engineering is acting as EPC integrator. The electrolyser is currently being installed at Shell's Energy and Chemicals Park Rheinland near Cologne. Once operational in 2027, the plant will produce up to 44,000 kg (44 tonnes) of renewable hydrogen per day — approximately 16,000 tonnes per year — replacing grey hydrogen used in refinery desulphurisation processes. Shell has secured renewable power supply via two PPAs: ~75% of a 230 MW solar project (Solarkraftwerk Halenbeck-Rohlsd, 10-year term) and ~one-third of the 332 MW Nordsee One offshore wind farm in the North Sea (5-year term). Co-funded by the EU Horizon 2020 programme and the German Federal Government.

🟡 FEED & Engineering Contracts

FEED contracts are a strong commercial signal — the customer has committed engineering budget and ITM is working toward Final Investment Decision (FID).

APAC
300
MW+
APAC · 300 MW+ · Selected May 2025 · Subject to FID
Large-Scale APAC Power Plant — Confidential Customer
Announced 12 May 2025 — ITM Power's first large-scale engagement in the Asia-Pacific region. ITM has been selected as the supplier of over 300 MW of electrolysers to produce green hydrogen for use in a power plant in APAC, avoiding carbon emissions that would otherwise come from fossil fuel generation. The customer wishes to remain confidential at this stage. The project has already received funding approval from local authorities and remains subject to a Final Investment Decision. ITM is working with the customer to advance engineering, permitting, and wider plant integration to drive the project toward FID.
HUMBER
H2ub
UK · 120 MW · FEED June 2025 · Planning consent March 2026 · FID expected 2026 · Target operational 2029
Humber H2ub® — Uniper, Killingholme (HAR2 shortlisted)
FEED contract signed June 2025 for Uniper's 120 MW Humber H2ub® (Green) project at Killingholme — shortlisted under UK Hydrogen Allocation Round 2 (HAR2). ITM will deploy six 20 MW Poseidon modules. Significant milestone: planning permission was granted by North Lincolnshire Council in March 2026, clearing a key barrier ahead of FID, which Uniper targets for 2026. The project has expansion potential of a further 200 MW+. Hydrogen will be supplied to Phillips 66's adjacent Humber Refinery to replace refinery fuel gas in industrial fired heaters — Uniper and Phillips 66 signed a collaboration agreement in March 2024 to formalise this arrangement. The Humber region accounts for over 40% of UK industrial emissions, making this project strategically important for national decarbonisation targets. Subject to FID; targeted to be operational by 2029 in line with HAR2 requirements.
HAR2
NEP
V
UK · Multi-unit Neptune V · FEED Oct 2025 · Target 2028
Undisclosed HAR2 Project — Multi-unit Neptune V
FEED contract signed October 2025 for a UK HAR2-shortlisted project using multiple Neptune V (5 MW) units. Customer undisclosed pending FID. Targeted to be operational in 2028. A further signal that Neptune V is becoming the leading containerised product for mid-scale UK green hydrogen projects.
AUS
+CAN
70MW
Australia + Canada · 70 MW combined · Dec 2025
Australia BDEP & Canada FEED — Two International Contracts
Two engineering contracts announced December 2025, both based on multiple Neptune V units and with a combined capacity of 70 MW. The first is a Basic Design Engineering Package (BDEP) for an industrial customer in Australia. The second is a FEED contract for a project in Canada using hydroelectric power to produce hydrogen for transportation. Marks ITM's first engineering engagements in Australia and Canada specifically, following the earlier May 2025 selection for a 300 MW+ APAC power plant project — ITM's first large-scale engagement in the wider Asia-Pacific region.
HAR2
UK
×2
UK · Two projects · Poseidon · June 2025
Two UK HAR2 Projects — Undisclosed Customer
In June 2025, ITM announced it had been selected as the electrolyser supplier for two projects — one large-scale HAR2 project and one smaller UK project — both to be supplied with Poseidon modules. Customer identity withheld pending FID. Both aim to supply local industries with green hydrogen to reduce carbon emissions.

🔴 Pre-FEED, Capacity Reservations & Partnerships

These represent the longer-range pipeline — earlier-stage commitments and strategic frameworks that could convert to FEED and firm contracts.

DB
SYS
TECH
Germany · Rail & Critical Infrastructure · LOI 24 June 2026 · FEED study initiated
DB Systemtechnik GmbH — Deutsche Bahn Innovation Partnership
Letter of Intent signed 24 June 2026 between ITM Power and DB Systemtechnik GmbH, a subsidiary of Deutsche Bahn and Europe's leading provider of engineering and testing services in the railway sector. The LOI formalises an innovation and research partnership for the development, piloting and testing of green energy solutions for the transport and critical infrastructure sectors — building on a collaboration agreement already signed between ITM Power and Deutsche Bahn in March 2025. The partnership will explore opportunities to deploy green hydrogen to support decarbonisation of rail transport and associated mobility solutions, including locomotive, bus, and truck fleets, as well as the energy resilience requirements of railway infrastructure. As an initial step, the parties will undertake a joint FEED study to assess technical configuration, site integration, operational requirements and commercial framework for potential applications of ITM's electrolyser technology at Deutsche Bahn sites. CEO Dennis Schulz said the agreement marks an important progression in the relationship and further underlines the potential role of green hydrogen in the decarbonisation of critical transport infrastructure. DB Systemtechnik CEO Dr Hiie-Mai Unger said the planned FEED study will provide valuable insights into how green hydrogen can be integrated into DB's infrastructure, strengthening both decarbonisation efforts and operational resilience across the DB network.
PRO
TIUM
UK
UK · 15 MW initial (Cromarty) · Strategic Partnership June 2026 · FID target Dec 2026
Protium Green Solutions — Strategic UK Partnership
Strategic partnership announced 3 June 2026 between ITM Power and Protium Green Solutions, a UK-based green hydrogen developer and investor. The partnership covers development, investment, and operation of industrial-scale green hydrogen plants across the UK, with a range of deployment models spanning equipment supply through to co-investment. The first identified project is the Cromarty Hydrogen Project in the Scottish Highlands — a 15 MW HAR1-backed plant that Protium recently acquired from Storegga. FID for Cromarty is targeted for December 2026. Protium will be responsible for power procurement, permitting, downstream infrastructure, and hydrogen distribution. Phase 1 is expected to create approximately 30 local jobs in the Cromarty area. Both parties are conducting commercial due diligence to determine optimal project delivery structures. The partnership also extends to exploring collaboration on Protium's wider portfolio of Hydrogen Allocation Round projects. CEO Dennis Schulz said the partnership combines complementary expertise ranging from equipment supply to investment to deliver highly competitive hydrogen with strong long-term economics.
STABLE
GRID
710MW
Germany · 710 MW (30 MW + 680 MW) · Pre-FEED from Jan 2026
Stablegrid Group — Netzbrücke 410 & 680 MW Project
ITM selected as technology partner for two Stablegrid energy infrastructure projects. Project 1: "Netzbrücke 410" in Rüstringen — 30 MW Neptune V containerised system; FID expected 2026. Project 2: 680 MW indoor electrolyser capacity; pre-FEED began January 2026; FID anticipated 2028. Both projects are designed for grid balancing and hydrogen production to stabilise the German power grid and reduce costly redispatch interventions.
500
MW
RES
Global Industrial Customer · 500 MW reservation · Signed July 2024 · Through end-2028
500 MW Capacity Reservation — Confidential Global Customer
Announced 8 July 2024. ITM signed a 500 MW capacity reservation with a confidential global industrial customer, securing future manufacturing capacity for ITM's electrolyser stacks through to the end of the 2028 calendar year. The agreement foresees call-offs against future projects in Europe and the US, though further contract details were not disclosed. This followed an earlier 100 MW capacity reservation from Shell. CEO Dennis Schulz described the agreement as validation of ITM's technology and credibility to deliver, building on close collaboration to unlock competitive green hydrogen projects.
RWE
150
MW
Germany · 150 MW reservation · Call-offs by 2027
RWE — 150 MW Neptune V Capacity Reservation
Announced September 2025. RWE has reserved 150 MW of Neptune V units (30 units) with call-offs expected by 2027. Builds on RWE's operation of an ITM 4 MW pilot plant and the ongoing GET H2 Nukleus 200 MW delivery. Extends RWE's role as ITM's largest European utility partner.
ABO
HYDRO
PULSE
Spain, Finland & Europe · Multi-project pipeline · Aug 2025
ABO Energy & Hydropulse — Strategic Partnership
Announced August 2025. ITM Power's subsidiary Hydropulse and ABO Energy — a developer with 30+ GW of wind, solar and battery projects — entered a strategic partnership to develop decentralised hydrogen production plants on or near industrial end-user sites. Focus markets: Spain and Finland (low power prices). Hydropulse will build, own, and operate the plants; ABO Energy contributes project pipeline and development expertise. Offers Hydrogen-as-a-Service and Infrastructure-as-a-Service to industrial customers without upfront capex. Initial projects already identified.
RHEIN
METALL
PtX
UK initial focus · Up to 50 MW per facility · Strategic collaboration April 2026
Rheinmetall — Giga PtX Defence Fuel Network
Strategic collaboration announced 17 April 2026 with Rheinmetall AG, a leading international defence technology group, focused on Rheinmetall's Giga PtX project. The initiative aims to build a Europe-wide network of decentralised synthetic fuel (e-fuel) production plants for NATO armed forces, designed to strengthen defence energy resilience, sovereign fuel capability, and operational readiness. The project envisages several hundred decentralised plants across Europe, each with up to 50 MW of electrolysis capacity, capable of producing approximately 5,000–7,000 tonnes of e-fuel per year per facility. ITM's market-leading electrolyser systems combine with Rheinmetall's Power-to-X expertise and system integration capability; the collaboration will initially focus on the UK. CEO Dennis Schulz said the partnership aligns the energy transition with national security priorities, offering a repeatable deployment opportunity for large-scale electrolysers while directly supporting sovereign fuel capability. Rheinmetall's Head of Hydrogen Program, Shena Britzen, described Giga PtX as creating a scalable network that strengthens defence energy autonomy across logistics, operations, and crisis response.

Company Timeline

2000
Founded
Incorporated in April 2000 as Newcorn Technology Ltd. Originally focused on fuel cell technology.
2001–2004
Pivot to Electrolysers & AIM Listing
Rebranded, expanded into electrolysers. In 2004, floated on the AIM Market raising £10 million. First electrolyser sale to the University of Birmingham.
2011
German Subsidiary
ITM Power GmbH incorporated in Germany, establishing a European operational presence.
2019
Strategic Partnership with Linde
Raised £52 million in equity, including a £38 million strategic investment from Linde plc. ITM Linde Electrolysis (ILE) joint venture established to deliver green gas solutions at industrial scale.
2019
REFHYNE I Launched
Europe's first large-scale PEM green hydrogen project at Shell's refinery in Cologne/Wesseling, Germany.
2020
Sheffield Gigafactory & Major Fundraise
Moved into Bessemer Park factory (1 GW manufacturing capacity). Raised £172 million including a £30 million investment from Snam with a 100 MW preferred supplier commitment.
2021
Major Fundraise Oct 21
£250m raised at a share price of 400p. Linde invested £20m.
2022
New CEO & Strategic Reset
Dennis Schulz appointed CEO in December 2022. The company began a strategic reset — refocusing on core products and exiting the hydrogen refuelling station market.
2023
Poseidon & Neptune V Launched
New product portfolio launched: Neptune V (5 MW containerised) in May, Poseidon (20 MW scalable module) in August. REFHYNE II 100 MW contract signed with Shell.
2024
RWE Deal, 500 MW Reservation & First Neptune V Sale
Signed 200 MW deal with Linde for RWE's GET H2 Nukleus project. Secured a 500 MW capacity reservation with a confidential global industrial customer (July 2024), running through to end-2028 with call-offs against future European and US projects — following an earlier 100 MW reservation from Shell. First Neptune V sale concluded.
June 2025
Hydropulse GmbH Launched
Wholly owned Berlin-based subsidiary launched to build, own and operate green hydrogen plants — marking ITM's entry into the Hydrogen-as-a-Service model. Eternal Power partnership announced at launch; ABO Energy partnership followed in August 2025.
2025–2026
Record Commercial Pipeline
Landmark 710 MW Stablegrid deal, 150 MW RWE agreement, £86.5M UK government grant. Alpha 50 full-scope plant unveiled. Germany established as primary commercial market.
April 2026
GBE Investment & Chronos Funding — £86.5M
Great British Energy acquires a ~10.4% equity stake (£40m), with a further £46.5m DESNZ grant confirmed. Total project value £120m to build a new 1 GW automated Chronos manufacturing line at Bessemer Park, targeting commercial operation in 2028.
April 2026
Rheinmetall Giga PtX Collaboration
Strategic collaboration announced with Rheinmetall AG to support its Giga PtX project — a planned Europe-wide network of decentralised synthetic fuel plants for NATO armed forces, each up to 50 MW of electrolysis capacity. Initial focus on the UK, combining ITM's electrolyser technology with Rheinmetall's Power-to-X and defence systems integration expertise.
June 2026
DB Systemtechnik LOI — Deutsche Bahn Partnership
Letter of Intent signed with DB Systemtechnik GmbH (Deutsche Bahn subsidiary) for an innovation and research partnership focused on green hydrogen for rail transport and critical infrastructure decarbonisation. Builds on a March 2025 Deutsche Bahn collaboration agreement. An initial joint FEED study will assess technical and commercial framework for deploying ITM's electrolyser technology at Deutsche Bahn sites.
June 2026
Protium Strategic Partnership
Strategic partnership announced with Protium Green Solutions to develop, invest in, and operate industrial-scale green hydrogen plants across the UK. First focus project is Cromarty (15 MW, Scottish Highlands, HAR1-backed), with FID targeted for December 2026. Partnership also covers Protium's wider HAR project portfolio.

🇬🇧 UK Government Backs ITM — April 2026

In April 2026, ITM Power secured £86.5 million in combined UK government support — one of the most significant milestones in the company's history. The funding is earmarked specifically to build a new automated manufacturing line for ITM's next-generation Chronos electrolyser stack technology.

Energy Secretary Ed Miliband said the investment would help "rebuild the UK's energy security through clean homegrown power and good industrial jobs."

Great British Energy (GBE) — The Investment

What is GBE?

Great British Energy Group Limited (GBE) is a state-owned UK clean energy company established by the Labour government to accelerate investment in domestic clean power. The ITM Power deal marks GBE's first major move into hydrogen.

Deal Structure

GBE Equity Investment£40 million
DESNZ Grant (intended)£46.5 million
Total Public Support£86.5 million
Total Project CostUp to £120 million (ITM funds the remaining ~£33.5m)
Shares Issued to GBE71,994,240 new ordinary shares
Subscription Price55.56 pence per share (13.7% discount to closing price)
GBE's Resulting Stake~10.4% of issued share capital
GBE's Shareholder RankingSecond-largest shareholder in ITM Power
Announcement Date9 April 2026

Impact on Financials

Following the announcement, ITM Power revised its FY2026 cash guidance upward to £210–215 million, up from £170–175 million. ITM Power's share price surged over 11% on the day.

What the Money Is For

The funds support a new 1 GW automated manufacturing line at Bessemer Park for the Chronos stack, targeting commercial operation in 2028. Approximately 63% covers automated production and testing equipment including:

Catalyst-Coated Membrane Manufacturing Electrode Welding PGM Coatings Stack Assembly Cleanroom Facilities

Chronos — Next-Generation Stack Platform

Chronos is ITM Power's next-generation PEM electrolyser stack, developed as a step-change successor to the Trident platform.

Chronos
Next-Generation PEM Stack · 2–2.5 MW per unit · Commercial production target: 2028
ITM Power's most advanced electrolyser stack platform. Designed to deliver lower cost, higher efficiency, and a dramatically reduced part count — enabling cheaper, faster manufacturing at gigawatt scale.

How Chronos Improves on Trident

Stack Capacity2.0–2.5 MW/unit (vs Trident's 670 kW)
Power DensityDoubled — 2.5 MW/m²
Manufacturing Cost Reduction~40% vs Trident
Efficiency Improvement~10%
Part Count / Weight / FootprintAll reduced by more than 50%
Iridium Loading40% less vs current platform
New line capacity1 GW per year (target by 2028)

Relationship with Trident

Chronos will be deployed alongside the existing Trident line — not as a replacement. Some Chronos improvements will also be back-ported into Trident as they are validated.

Hydropulse GmbH

Hydropulse GmbH is a wholly owned subsidiary of ITM Power plc, launched in June 2025 and headquartered in Berlin, Germany. It represents a fundamental strategic shift for ITM — from being a pure electrolyser equipment supplier to becoming a green hydrogen producer in its own right.

Rather than selling electrolysers to third parties and leaving them to manage financing, operations and risk, Hydropulse takes full ownership of the plant. Industrial customers simply sign a long-term offtake agreement and receive green hydrogen — no upfront capital, no technology risk, no operational burden. This model is known as Hydrogen-as-a-Service (HaaS).

Key Facts

LaunchedJune 2025
HeadquartersBerlin, Germany
Ownership100% owned by ITM Power plc
ModelBuild · Own · Operate (BOO)
TechnologyITM Power Neptune modular electrolysers
Target Project SizeSmall to mid-size, typically under 60 MW
Commercial ModelHydrogen-as-a-Service (HaaS) · Infrastructure-as-a-Service (IaaS)
Initial Focus MarketsGermany, UK, Nordics (Spain & Finland via ABO partnership)
OperationsRemote operations centre — unmanned plants
PartnersEternal Power GmbH (Germany); ABO Energy (Spain & Finland)

Why Hydropulse Exists — The Problem It Solves

Across Europe, many attractive green hydrogen projects were stalling before reaching Final Investment Decision. The reasons were consistent: capital cost, complexity, financing difficulty, and technology risk all sat with the would-be industrial customer — who often had no experience with hydrogen production infrastructure.

Hydropulse removes all of these barriers in one move. It builds the plant, owns the asset, operates it remotely, and sells hydrogen under a long-term contract. The industrial customer gets a reliable molecule supply at a predictable price. Hydropulse retains the upside of the asset.

Why ITM Power Is Uniquely Placed to Do This

Because Hydropulse accesses ITM's electrolyser systems directly at manufacturing cost — with no intermediary markups or risk buffers — it can produce hydrogen at a significantly lower cost per kilogram than projects procuring equipment at market prices. This gives Hydropulse a structural cost advantage and allows it to offer competitive long-term hydrogen prices that unlock projects others cannot.

Partnerships

ETER
NAL
PWR
Germany · Partnership announced June 2025
Eternal Power GmbH — Fast-Track Germany
Hydropulse's first announced partnership, formed immediately at launch in June 2025. Eternal Power is a German green hydrogen developer covering the full value chain from site assessment through permitting, project finance, construction, and logistics. The partnership combines Eternal Power's on-the-ground German project development capability and industrial customer relationships with Hydropulse's technology access and HaaS operating model. Goal: fast-track projects in Germany that have stalled due to complexity or capex barriers.
ABO
ENE
RGY
Spain & Finland · Partnership announced August 2025
ABO Energy — Spain & Finland Scale-Up
Announced August 2025. ABO Energy is a major German-headquartered renewables developer with 30+ GW in development and 6.6 GW already built across wind, solar and battery, plus a growing multi-GW hydrogen pipeline. ABO Energy brings pre-developed green hydrogen projects, access to industrial offtakers, and power supply expertise. Together the partnership offers both HaaS and Infrastructure-as-a-Service (IaaS) from green electrons to green molecules. Focus markets are Spain and Finland, chosen for their attractively low renewable power prices. Initial projects with live customer need have already been identified.

Strategic Significance for ITM Power

Hydropulse changes ITM Power's revenue profile in an important way. Equipment sales are one-time; hydrogen supply contracts generate long-term recurring revenues tied to hydrogen volumes. This creates a more predictable, asset-backed income stream over time — a significant addition to ITM's traditional capital equipment business.

The move also reflects confidence in ITM's manufacturing cost trajectory. As Chronos reduces stack costs by ~40%, the economics of owning and operating hydrogen plants become increasingly compelling. Hydropulse is, in effect, a bet that ITM's future cost position is strong enough to be a low-cost hydrogen producer — not just a low-cost electrolyser manufacturer.

Risks to Note

As a build-own-operate business, Hydropulse requires capital deployment upfront before revenues are generated. Scaling will depend on securing offtake agreements, managing project development timelines, and maintaining strong plant availability. ITM Power's management have indicated the model is designed to be asset-light at the Hydropulse entity level, with creative financing structures expected as the project pipeline matures.

Key Terms & Glossary

GBE — Great British Energy
A state-owned UK clean energy company created by the Labour government to invest in domestic clean power. In April 2026, GBE made its first major hydrogen investment with a £40 million equity stake in ITM Power, becoming its second-largest shareholder at ~10.4% of share capital.
DESNZ — Department for Energy Security and Net Zero
UK government department responsible for energy policy and clean energy transition. Alongside GBE's investment, DESNZ confirmed its intention to award ITM Power a £46.5 million grant to support the Chronos manufacturing line.
Chronos
ITM Power's next-generation PEM electrolyser stack platform, succeeding Trident. Chronos delivers a ~40% manufacturing cost reduction, ~10% efficiency improvement, doubled power density (2.5 MW/m²), and over 50% fewer parts and smaller footprint. A new 1 GW automated Chronos production line is being built at Bessemer Park, targeting commercial operation in 2028.
Iridium
A rare and costly precious metal used as a catalyst in PEM electrolysers. ITM Power has cut iridium loading by over 80% in recent years, meeting the EU's 2030 target back in 2019, and achieved a further 40% reduction in 2024 as part of the Chronos development programme.
PEM — Proton Exchange Membrane
The core technology in ITM Power's electrolysers. A solid polymer membrane that allows only protons (H⁺) to pass through, separating hydrogen and oxygen during electrolysis. PEM systems respond rapidly to variable power inputs, making them ideal for pairing with wind and solar.
MEA — Membrane Electrode Assembly
The heart of each PEM electrolyser cell, consisting of the proton exchange membrane sandwiched between the anode and cathode catalyst layers. This is where the electrochemical reactions that split water into hydrogen and oxygen take place. See the Stack Diagram tab for a full breakdown.
Electrolyser
The machine that splits water (H₂O) into hydrogen (H₂) and oxygen (O₂) using electricity. ITM Power's electrolysers use PEM technology and operate at up to 30 bar pressure.
Green Hydrogen
Hydrogen produced by electrolysis powered entirely by renewable energy. It is the only truly net-zero form of hydrogen — no CO₂ is emitted in its production. Contrasts with "grey" hydrogen (from natural gas) and "blue" hydrogen (grey with carbon capture).
MW (Megawatt)
The unit used to describe the power capacity of an electrolyser. A 2 MW electrolyser consumes 2 megawatts of electricity. Larger projects are measured in tens or hundreds of MW.
Stack
The core electrolysis unit — a stack of individual electrolyser cells. Multiple stacks are combined to create higher-capacity systems. ITM's Trident is a 2 MW stack module.
ILE — ITM Linde Electrolysis GmbH
The joint venture between ITM Power and Linde plc, established in 2020. ILE provides turnkey green gas solutions at industrial scale, combining ITM's electrolyser technology with Linde's engineering and project delivery expertise.
Hydropulse GmbH
ITM Power's German build-own-operate subsidiary, launched in June 2025 in Berlin. Hydropulse develops and operates green hydrogen plants in Germany, allowing ITM to participate in the value of hydrogen production rather than only equipment sales.
Protium Green Solutions
A UK-based green hydrogen developer and investor. In June 2026, ITM Power entered a strategic partnership with Protium to develop, invest in, and operate industrial-scale hydrogen plants across the UK. The first project under the partnership is the Cromarty Hydrogen Project in the Scottish Highlands (15 MW, HAR1-backed).
Giga PtX
Rheinmetall AG's project to build a Europe-wide network of decentralised synthetic fuel (e-fuel) production plants for NATO armed forces, aimed at strengthening defence energy resilience and sovereign fuel capability. Announced April 2026, ITM is a strategic technology partner supplying electrolysers of up to 50 MW per facility, with an initial focus on the UK.
CAPEX / OPEX
Capital Expenditure (upfront cost to build a plant) vs. Operating Expenditure (ongoing running costs). ITM's products are designed to offer flexibility in optimising the balance between the two for different customers.
Balance of Plant (BoP)
All the supporting equipment beyond the electrolyser stacks themselves — power conversion units, water treatment, cooling systems, piping, controls. Fully integrated in the Neptune and Alpha 50 products.
FEED — Front End Engineering Design
An early project phase where the technical design and cost estimates of a hydrogen plant are developed before a Final Investment Decision (FID) is made.
FID — Final Investment Decision
The formal decision by a project developer to commit capital and proceed to construction. Many large hydrogen projects are currently in pre-FID stages.
Bessemer Park / Gigafactory
ITM Power's manufacturing headquarters in Sheffield. With 1 GW of annual production capacity, it is one of the largest electrolyser manufacturing facilities in Europe.
LTSA — Long-Term Service Agreement
A multi-year contract for ongoing maintenance, spare parts, and technical support of an operational electrolyser plant. ITM signed a 10-year LTSA with MorGen Energy for the West Wales Hydrogen project — an important recurring revenue stream beyond the initial equipment sale.
HAR — Hydrogen Allocation Round
The UK government's mechanism for awarding contracts for difference (CfDs) to green hydrogen producers. HAR1 supported 11 projects (125 MW); HAR2 shortlisted 27 projects (875 MW). ITM Power has secured supply agreements, FEED contracts, or capacity on multiple HAR1 and HAR2 projects.
BDEP — Basic Design Engineering Package
An early-stage engineering study defining the basic design of a plant before committing to full FEED. Typically used to establish feasibility and cost estimates. ITM was awarded a BDEP for an industrial project in Australia in December 2025.
NtP — Notice to Proceed
A formal instruction from a customer to ITM Power to begin full project work, issued following Final Investment Decision. Receipt of an NtP is the trigger point at which a contract moves from the pipeline into ITM's contracted order backlog.

Executive Leadership Team

The day-to-day leadership of ITM Power is led by a CEO, CFO and CTO at board level, supported by a VP leadership layer covering commercial, operations, products, strategy, and European region.

Dennis Schulz
Chief Executive Officer & Executive Director · Since December 2022
Joined ITM Power in December 2022 from Linde Engineering, where he held roles as Managing Director, CFO, and Head of Strategy. He has deep roots in the hydrogen and industrial gases sector and joined ITM with a mandate to reset the company's strategy, improve commercial discipline, and scale the business. Since his appointment he has overseen a strategic reset that has led to a successful turnaround in performance and a growing contracted order backlog — including landmark deals with RWE, Shell, and the UK government. In June 2025, Dennis was elected to the Board of Hydrogen Europe, representing the industry seat on behalf of ITM Power. He holds an MSc and an Executive MBA.
Linde Engineering Industrial Gases Strategy MSc · Executive MBA Hydrogen Europe Board
Amy Grey
Chief Financial Officer & Executive Director · Since January 2025
Joined ITM Power in early 2025 from Sheffield Forgemasters International, where she had served as CFO. A Chartered Accountant with a post-graduate diploma from the University of Leeds, Amy brings broad industrial finance experience including VP Finance at Greenlane Renewables, UK Finance Director at Heras Perimeter Protection, and Finance & Commercial Director at Kelda Group. She succeeded Andy Allen, who moved to a VP Strategy role upon her appointment.
Sheffield Forgemasters Greenlane Renewables Chartered Accountant Univ. of Leeds
Dr Simon Bourne
Chief Technology Officer & Executive Director · Since 2009
One of ITM's longest-serving employees — joined the company in 2002 and has been at the heart of developing its core PEM electrolyser technology ever since. Appointed CTO and board Director in 2009. Previously worked as a Project Engineer at Sonatest Plc and as a Researcher for the Ministry of Defence. Simon is the principal technical architect of the Trident platform and is leading the development of the next-generation Chronos stack.
ITM since 2002 PEM Technology Sonatest Plc MoD Research
Tim Calver
VP Commercial
MA in Materials Sciences from the University of Cambridge. Began his career in large-scale energy storage and financial analysis before spending almost a decade at RWE npower in commercial strategy, asset optimisation, and business transformation. Spent two years at RWE Generation SE in Germany, leading corporate and business development across a 50 GW energy portfolio. Joined EY as Associate Partner, where he led EY's UK Hydrogen Consulting Team before joining ITM.
Cambridge MA RWE npower EY Hydrogen Commercial Strategy
Pedram Pazouki
VP Products & Projects
Leads ITM Power's product development and project execution functions, overseeing the delivery of electrolyser systems from concept through to commissioning. Responsible for the Neptune, Poseidon, and Alpha 50 product lines, and for ensuring ITM's contracted projects are delivered on schedule and to specification.
Product Development Project Delivery
Dr Peter Poetschacher
VP Region EU & Middle East
Leads ITM Power's commercial and customer engagement activities across the European Union and Middle East markets — the company's primary commercial regions. Responsible for developing and maintaining relationships with key industrial customers, energy utilities, and project developers across Germany and wider Europe, where the majority of ITM's contracted project pipeline is concentrated.
European Markets Customer Development Germany
Martin Clay
VP Operations · Since September 2021
Leads ITM Power's manufacturing, supply chain and operational functions at the Bessemer Park Gigafactory in Sheffield. Responsible for the production ramp of Trident stacks at scale — including the delivery of stacks for the 200 MW RWE GET H2 Nukleus project — and for overseeing the operational readiness of the new Chronos automated manufacturing line. Joined ITM in September 2021.
Manufacturing Supply Chain Bessemer Park
Andy Allen
VP Strategy · Previously CFO & Director (2015–2025)
One of ITM's most experienced executives — served as CFO and Executive Director from 2015 until January 2025, playing a pivotal role in the company's financial strategy, fundraising, and partnership formation. He was instrumental in structuring and embedding the ITM Linde Electrolysis joint venture. In January 2025, Andy stepped down from the board and moved to VP Strategy, where he leads strategic planning, market analysis, and competitive intelligence. Supported Dennis Schulz closely throughout ITM's recent strategic transformation.
Former CFO ILE JV Architect Strategic Planning

Board of Directors

The ITM Power plc Board comprises three executive directors and five non-executive directors. The board is chaired by Jürgen Nowicki, who took over from Sir Roger Bone in January 2026.

Jürgen Nowicki
Non-Executive Chair · Since 15 January 2026
Took over as Chair on 15 January 2026, succeeding Sir Roger Bone. Previously CEO of Linde Engineering and a member of Linde plc's executive leadership team until May 2025. Had served as Linde's nominated board representative at ITM Power from November 2019 to January 2025, meaning he brings both deep sector expertise and direct ITM board experience to the chair role.
Linde Engineering CEO Industrial Gases Prior ITM Board 2019–2025
Sir Warren East
Non-Executive Director · Since October 2025
Former CEO of ARM Holdings (2001–2013) and Rolls-Royce (2015–2022). Brings extensive global leadership experience from the technology and engineering sectors. Currently NED at ASML NV and Tokamak Energy Ltd.
ARM CEO 2001–2013 Rolls-Royce CEO 2015–2022 ASML NED
John Howarth
Non-Executive Director · Since October 2025
Appointed as Non-Executive Director with effect from ITM's AGM on 8 October 2025. Brings additional board-level governance and sector expertise to support ITM's next phase of commercial growth.
Non-Executive Since Oct 2025
Matthias von Plotho
Non-Executive Director (Linde Representative)
Linde plc's nominated board representative at ITM Power, reflecting Linde's position as ITM's largest shareholder with a ~16.2% stake. Appointed to replace Jürgen Nowicki when Nowicki transitioned from Linde's representative to Independent Non-Executive Chair.
Linde plc Finance & Strategy
Martin Green
Senior Independent Non-Executive Director · Since 2019
The longest-serving current non-executive director, having joined the board in 2019. Serves as Senior Independent Director, providing a key governance role alongside the Chair. Has served through ITM's transformation from a development-stage company to a commercial electrolyser manufacturer.
Senior Independent Board since 2019
Huan Quayle
General Counsel & Company Secretary
Responsible for ITM Power's legal affairs, regulatory compliance, corporate governance, and board administration. A key member of the senior management team supporting the company's growing commercial and contractual activity across multiple jurisdictions.
General Counsel Company Secretary Governance

Investor Relations Contact

For all shareholder, analyst, and capital markets enquiries, please contact ITM Power's Head of Investor Relations directly.

Justin Scarborough
Head of Investor Relations
Emailjscarborough@itm-power.com
Phone+44 7909 964242
At ITM since2021
Justin joined ITM Power in 2021 and is ITM's primary point of contact for shareholders, analysts, and the capital markets. Before joining ITM, Justin served as Head of IR, Strategy, and Corporate Development at several companies and advised on M&A and conducted various strategic reviews. Justin began his career in the City, working on the buy-side for seven years and then as a sell-side analyst for twenty years. Justin is also a vocal advocate for hydrogen's broader strategic importance — including its role at the intersection of the energy transition and European defence resilience, a theme he has championed publicly alongside ITM's partnership with Rheinmetall.
Buy-Side · 7 Years Sell-Side Analyst · 20 Years M&A Advisory Capital Markets Hydrogen & Defence

Other Contacts

Press & Mediapress@itm-power.com
Berenberg (Broker)+44 (0)20 3207 7800
J.P. Morgan Cazenove (Broker)+44 (0)20 7742 4000
Registered Office2 Bessemer Park, Sheffield S9 1DZ, UK
Websiteitm-power.com