What is ITM Power?
ITM Power is a British clean energy company that designs and manufactures PEM (Proton Exchange Membrane) 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 in the process.
Founded in 2000 and headquartered in Sheffield, ITM Power is listed on the London Stock Exchange (AIM). The company's mission is to enable industries, energy companies, and governments to decarbonise by replacing fossil fuels with green hydrogen.
Put simply: ITM Power makes the technology that turns renewable electricity + water into clean fuel.
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
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 PartnershipLinde plc (strategic investor & JV partner)
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.
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)
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 Projects
REF
HYNE
I
HYNE
I
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
GET
H2
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
WALES
H2
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
OPU
S
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
NH₃
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
HYNE
II
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).
HUMBER
H2ub
H2ub
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
NEP
V
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
+CAN
70MW
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 significant engineering engagements in the Asia-Pacific and North American markets.
HAR2
UK
×2
UK
×2
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.
STABLE
GRID
710MW
GRID
710MW
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.
RWE
150
MW
150
MW
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
HYDRO
PULSE
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.
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.
2021
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.
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 & First NEPTUNE V Sale
Signed 200 MW deal with Linde for RWE's GET H2 Nukleus project. 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.
🇬🇧 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:
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, Hydropulse takes full ownership of the plant. Industrial customers sign a long-term offtake agreement and receive green hydrogen — no upfront capital, no technology risk, no operational burden. This 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
Across Europe, many attractive green hydrogen projects were stalling before FID due to capital cost, complexity, financing difficulty, and technology risk sitting with industrial customers who had no experience with hydrogen infrastructure.
Hydropulse removes all of these barriers — it builds, owns, and operates the plant, and sells hydrogen under a long-term contract. Because it accesses ITM's electrolyser systems directly at manufacturing cost, it can produce hydrogen at a significantly lower cost per kilogram than third-party projects, giving it a structural competitive advantage.
Partnerships
ETER
NAL
PWR
NAL
PWR
Eternal Power GmbH — Fast-Track Germany
Hydropulse's first announced partnership, formed at launch in June 2025. Eternal Power covers the full value chain from site assessment through permitting, project finance, construction, and logistics. The partnership combines Eternal Power's German project development capability with Hydropulse's technology access and HaaS operating model.
ABO
ENE
RGY
ENE
RGY
ABO Energy — Spain & Finland Scale-Up
ABO Energy is a major German-headquartered renewables developer with 30+ GW in development and 6.6 GW already built. Together the partnership offers HaaS and IaaS from green electrons to green molecules, focused on Spain and Finland for their low renewable power prices. Initial projects with live customer need already identified.
Strategic Significance
Equipment sales are one-time; hydrogen supply contracts generate long-term recurring revenues tied to hydrogen volumes — a more predictable, asset-backed income stream. As Chronos reduces stack costs by ~40%, the economics of owning and operating plants become increasingly compelling. Hydropulse is effectively a bet that ITM's future cost position is strong enough to be a low-cost hydrogen producer, not just a low-cost manufacturer.
Risks to Note
As a BOO business, Hydropulse requires upfront capital deployment before revenues are generated. Scaling depends on securing offtake agreements, managing project development timelines, and maintaining strong plant availability.
Key Terms & Glossary
GBE — Great British Energy
A state-owned UK clean energy company created by the Labour government. 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%.
DESNZ — Department for Energy Security and Net Zero
UK government department responsible for energy policy. Confirmed a £46.5 million grant to ITM Power to support the Chronos manufacturing line.
Chronos
ITM Power's next-generation PEM electrolyser stack, succeeding TRIDENT. Delivers ~40% manufacturing cost reduction, ~10% efficiency improvement, doubled power density, and over 50% fewer parts. New 1 GW automated line at Bessemer Park targets commercial operation in 2028.
Iridium
A rare precious metal catalyst in PEM electrolysers. ITM has cut loading by over 80% in recent years, meeting the EU's 2030 target back in 2019, with a further 40% reduction validated in 2024 as part of the Chronos programme.
PEM — Proton Exchange Membrane
The core technology in ITM's electrolysers. A solid polymer membrane that allows only protons (H⁺) to pass through, separating hydrogen and oxygen. PEM systems respond rapidly to variable power inputs, ideal for wind and solar pairing.
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. The only truly net-zero form of hydrogen. Contrasts with "grey" hydrogen (from natural gas) and "blue" hydrogen (grey with carbon capture).
Stack
The core electrolysis unit — a stack of individual electrolyser cells. 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, providing turnkey green gas solutions at industrial scale.
Hydropulse GmbH
ITM Power's German build-own-operate subsidiary, launched in June 2025 in Berlin. Develops and operates green hydrogen plants under a Hydrogen-as-a-Service model.
CAPEX / OPEX
Capital Expenditure (upfront build cost) vs. Operating Expenditure (ongoing running costs). ITM's products are designed to offer flexibility in optimising the balance between the two.
Balance of Plant (BoP)
All supporting equipment beyond the stacks — power conversion, water treatment, cooling, piping, controls. Fully integrated in NEPTUNE and ALPHA 50 products.
FEED — Front End Engineering Design
An early project phase where technical design and cost estimates are developed before a Final Investment Decision (FID).
FID — Final Investment Decision
The formal decision by a project developer to commit capital and proceed to construction.
Bessemer Park / Gigafactory
ITM Power's manufacturing headquarters in Sheffield. With 1 GW of annual production capacity, 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 plant. ITM signed a 10-year LTSA with MorGen Energy for the West Wales project.
HAR — Hydrogen Allocation Round
The UK government's mechanism for awarding contracts for difference to green hydrogen producers. HAR1: 11 projects (125 MW); HAR2: 27 shortlisted projects (875 MW).
BDEP — Basic Design Engineering Package
An early-stage engineering study defining basic plant design before committing to full FEED.
NtP — Notice to Proceed
A formal instruction to ITM Power to begin full project work, issued after FID. The trigger point at which a contract enters 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 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. Since his appointment he has overseen a strategic reset that 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.
Amy Grey
Chief Financial Officer & Executive Director · Since January 2025
Joined ITM from Sheffield Forgemasters International where she 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.
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. 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 leads the development of the next-generation Chronos stack.
Tim Calver
VP Commercial
MA in Materials Sciences from the University of Cambridge. Began his career in large-scale energy storage before spending almost a decade at RWE npower in commercial strategy, asset optimisation, and business transformation. Led corporate and business development for a 50 GW energy portfolio at RWE Generation SE in Germany. Joined EY as Associate Partner, leading EY's UK Hydrogen Consulting Team.
Pedram Pazouki
VP Products & Projects
Leads ITM Power's product development and project execution functions, overseeing delivery of electrolyser systems from concept through to commissioning. Responsible for the NEPTUNE, POSEIDON, and ALPHA 50 product lines and for ensuring contracted projects are delivered on schedule and to specification.
Dr Peter Poetschacher
VP Region EU & Middle East
Leads ITM Power's commercial and customer engagement activities across the EU and Middle East — 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 pipeline is concentrated.
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 delivery of stacks for the 200 MW RWE GET H2 Nukleus project — and overseeing the operational readiness of the new Chronos automated manufacturing line.
Andy Allen
VP Strategy · Previously CFO & Director (2015–2025)
Served as CFO and Executive Director from 2015 until January 2025, playing a pivotal role in financial strategy, fundraising, and partnership formation. Instrumental in structuring the ITM Linde Electrolysis joint venture. In January 2025, moved to VP Strategy where he leads strategic planning, market analysis, and competitive intelligence.
Board of Directors
The ITM Power plc Board comprises three executive directors and five non-executive directors, chaired by Jürgen Nowicki since 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.
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.
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.
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.
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. Has served through ITM's transformation from a development-stage company to a commercial electrolyser manufacturer.
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.
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
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.
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