COMPANY PROFILE / HYDROGEN ENERGY
ITM Power
A UK maker of proton exchange membrane (PEM) electrolyzers: growing its standard products, while carrying losses and a delayed set of results
ITM Power comes up in any discussion of hydrogen because it is a UK specialist that concentrates on PEM water electrolyzers and builds the electrolysis stack itself in its own factory. In RWE's 200 MW electrolysis project at Lingen in Germany, ITM stacks are in use, and the company announced that the first hydrogen reached the customer on 4 August 2026 (the plant is ramping up toward 200 MW commercial operation). Yet revenue was only £26.0 million even in the year to April 2025, and the adjusted EBITDA loss was £33.0 million. And on 5 October 2026 the company said it would postpone its full-year results for the year to April 2026 to the second half of October, because the first-year audit by its new auditor is not finished. This profile sets out, from primary sources, what the company has put into hydrogen, what stage its projects have reached, and what still cannot be confirmed.
- ITM Power in 30 seconds, and where it stands in hydrogen
- The logo and how the name is written
- Where the company sits in the field
- Scale
- Resources committed to hydrogen
- What it has done so far
- What comes next
- What the company is aiming for in hydrogen
- Map of partnerships in hydrogen
- Technologies, products and services
- The risks this company carries
- Glossary, references and claim-to-source audit
1. ITM Power in 30 seconds, and where it stands in hydrogen
Linde holds 16.2%Linde UK Holdings No.2 Limited, as of 13 August 2025
(secondary: running its own hydrogen supply)Started a build-own-operate (BOO) business, Hydropulse, in 2025
ITM Power is a company that has grown its orders by concentrating on PEM and mass-producing standard products of 2 MW, 5 MW, 20 MW and 50 MW in its own factory Sourced. Revenue rose from £5.2 million in the year to April 2023 to £26.0 million in the year to April 2025, but the business is still small, and, as the company itself puts it, the factory is not yet full enough to absorb its fixed costs, so losses continue. On the other side of the ledger, cash was about £198 million at the end of October 2025, and in April 2026 UK government-related funding (an equity investment and a grant, £86.5 million together) was added. And the latest full-year results (year to April 2026) are not out yet: the full-year figures in this article run only to April 2025 Not yet confirmed.
2. The logo and how the name is written
A note on names: the legal entity is ITM Power plc, often shortened to "ITM". The company's stack (the heart of the electrolyzer) is called TRIDENT, and its products include NEPTUNE II, NEPTUNE V, POSEIDON and ALPHA 50, all ITM brands. Its next-generation stack is called CHRONOS. The company's former 50:50 joint venture with Linde Engineering is ITM Linde Electrolysis GmbH (Dresden, Germany), a separate entity. The logo image is the white-lettered logo used in the header of the company's official website (itm-power.com); the dark blue background was added by us.
Official site: https://www.itm-power.com/3. Where the company sits in the field
4. Scale
The financial year runs from May to April (the year to April 2025 means May 2024 to April 2025). Full-year results for the year to April 2026 are not yet published; on 5 October 2026 the company announced they will come in the second half of October. The table therefore covers the years to April 2024 and April 2025, plus the first half of the year to April 2026 (May to October 2025) Sourced.
| Indicator (£ million) | Year to Apr 2024 | Year to Apr 2025 | First half, year to Apr 2026 (prior-year half) |
|---|---|---|---|
| Revenue | 16.5 | 26.0 | 18.0 (15.5) |
| Adjusted EBITDA | -30.4 | -33.0 | -11.9 (-16.8) |
| Loss before tax | n/a | n/a | -14.1 (-28.8) |
| Loss from operations (the year to Apr 2025 includes £13.0 of exceptional items) | -38.0 | -54.5 | n/a |
| Cash | 230.3 | 207.0 | 197.8 (31 October 2025) |
| Contracted order backlog | 79.7 | 145.1 | 152 (29 January 2026) |
Adjusted EBITDA is a non-statutory measure the company defines. The £13.0 million exceptional item in the operating loss for the year to April 2025 is the settlement of a commercial dispute with Linde Sourced. The gross loss in the first half was £6.5 million, which the company attributes mainly to under-absorption of factory costs. Revenue had been recognized under the completed-contract method (at milestones such as delivery, testing or commissioning), which made timing lumpy. The company is now moving non-standard NEPTUNE, POSEIDON and ALPHA products to the percentage-of-completion method (revenue recognized progressively as work proceeds).
| Company outlook for the year to April 2026 (updated 17 February and 9 April 2026) | Range | Original range |
|---|---|---|
| Revenue | £40-43 million | £35-40 million |
| Adjusted EBITDA loss | £27-29 million (unchanged) | Same |
| Cash (year-end) | £210-215 million | £170-175 million |
The outlook above is the company's forecast, not a result (the full-year actuals await the second half of October 2026). The raised cash outlook reflects the £40 million equity investment (a subscription for new shares) by Great British Energy in April 2026 (the company describes this as UK government backing). The 5 October 2026 notice also says the results are delayed because the first-year audit by the new auditor (BDO) is not finished. Because the audit could change the figures, treat every figure for the year to April 2026 in this article as unconfirmed.
5. Resources committed to hydrogen
ITM Power's business is concentrated on hydrogen electrolyzers, so most of its company-wide figures are effectively hydrogen figures. The table separates what could be confirmed from what could not.
| Type of resource | What primary sources confirm | Status |
|---|---|---|
| People | 306 employees (30 April 2025; 308 a year earlier and 359 two years earlier); average 304.6. Sites: Sheffield (head office and factory) and Germany (ITM Power Germany and the Hydropulse office in Berlin). Headcount for R&D or manufacturing alone is not disclosed | Sourced / partly undisclosed |
| Money (R&D) | The directors' report gives R&D-related costs of £1.7 million (£2.6 million a year earlier). Part of development spending is capitalized or booked to inventory and is treated separately from this figure. The company's R&D priorities are (1) manufacturing processes for mass production, (2) cell efficiency, (3) stack life and lower degradation, and (4) scale-up | Sourced |
| Money (capex) | £6.9 million in the first half of the year to April 2026 (£4.5 million fixed assets, £2.4 million development intangibles). The full year is expected at £10-15 million (annual report outlook). The investment in the 1 GW-a-year CHRONOS line is not disclosed (public funding is in the last-but-one row) | Sourced / outlook |
| Acquisitions, investments and joint ventures | (1) ITM Linde Electrolysis GmbH (Germany; 50:50 with Linde Engineering; set up in October 2019): in the year to April 2024 it was decided to honour existing contracts but take on no new work (annual report). (2) Motive Fuels (a joint venture with Vitol) was disposed of, with a loss recorded in the year to April 2024. (3) The dispute with Linde, the largest shareholder, was settled in the year to April 2025 with a payment of £13.0 million. (4) In April 2026 Great British Energy invested £40 million (a subscription for new shares) | Sourced |
| Universities, research institutes and public funding | A £46.5 million grant from DESNZ (the UK Department for Energy Security and Net Zero): intent to award notified on 9 April 2026, formally awarded on 9 July. It funds a 1 GW-a-year CHRONOS manufacturing line in Sheffield (catalyst-coated membrane production, electrode welding, specialist coating, stack assembly, cleanroom and more). On universities, the annual report mentions work with the University of Sheffield and the Advanced Manufacturing Research Centre on training and STEM careers (named joint R&D projects could not be confirmed). On 24 June 2026 the company signed a letter of intent (LOI) with Deutsche Bahn's DB Systemtechnik, starting with a joint FEED study | Sourced / partly not confirmed |
| Investment in start-ups | Not mentioned in the materials | Could not be confirmed |
Next, the main projects. Stages are given in the wording of the company's own announcements (dates are announcement dates).
| Project | Location | Size | Stage | Date | Source |
|---|---|---|---|---|---|
| RWE "GET H2 Nukleus" | Lingen, Germany | 200 MW (2 x 100 MW; ITM and Linde Engineering deliver jointly) | Unit 1 (100 MW): ITM's scope delivered and installed. Unit 2: installation under way. First hydrogen reached the customer on 4 August 2026 (via about 120 km of pipeline to the Marl chemical park). Commercial operation at 200 MW is still ramping up | 4 August 2026 | Reference 3, 4, 8 |
| Shell "REFHYNE II" | Wesseling, Germany | 100 MW | Under construction (company statement); progressing to plan | 4 December 2025 | Reference 2, 4 |
| Yara | Porsgrunn, Norway | 24 MW | Plant inaugurated (during the year to April 2025) | 14 August 2025 | Reference 2 |
| MorGen Energy "West Wales Hydrogen" | Milford Haven, UK | 20 MW (POSEIDON); about 2,000 tonnes of hydrogen a year | Final investment decision (FID) reached. Ten-year long-term service agreement signed. Commissioning targeted for 2028 (customer's target) | 11 March 2026 | Reference 10 |
| Uniper "Humber H2ub" | UK | 120 MW (6 x 20 MW POSEIDON) | Selected as electrolyzer supplier; FEED contract. A candidate under UK HAR2. FID could not be confirmed | 14 August 2025 (as announced) | Reference 2, 3 |
| Stablegrid "Netzbrücke" | Germany | 30 MW (NEPTUNE V) and 680 MW | For the 30 MW, the customer expects FID in 2026 and has reserved production capacity. For the 680 MW, pre-FEED work began in January 2026 and FID is anticipated in 2028 | 21 November 2025 | Reference 11 |
| RWE (NEPTUNE V) | Germany and elsewhere | 150 MW (30 units) | A capacity reservation (not a firm order); call-offs foreseen by 2027 | 22 September 2025 | Reference 12 |
| Protium "Cromarty" | Scotland, UK | 15 MW | Strategic partnership. FID targeted for December 2026 (customer's target) | 3 June 2026 | Reference 14 |
In its announcement for the year to April 2025 the company also said it had been selected as supplier for an Asia-Pacific project of more than 300 MW (customer undisclosed); we could not confirm a firm contract or further details Not yet confirmed.
PEM water electrolysis generally uses the scarce platinum-group metal iridium as the anode catalyst Not yet confirmed (a general explanation, not a description of ITM's product specification). In its annual report ITM says it has reduced iridium loading twice, by 40% each time, while maintaining stack performance and longevity Sourced. It also says it keeps a policy for sourcing platinum group metals (PGM) and manages price and supply swings as a business risk. Because iridium output is small, it is a material that bears on how many gigawatts of electrolyzers can be built. The materials we reviewed do not, however, give the absolute amounts (for example g/kW), the test conditions or lifetime figures.
6. What it has done so far
| When | What happened | Why it matters |
|---|---|---|
| June 2000 / 2004 | ITM Power is founded; it joins the London Stock Exchange's AIM market in 2004 | From the history in the annual report |
| October 2019 | Sets up ITM Linde Electrolysis (Germany) with Linde Engineering, 50:50 | An entry point to large projects with Linde; later stopped taking new orders |
| May 2024 | Launches NEPTUNE V, a 5 MW containerized plant | A standard product for mid-size projects |
| During the year to April 2025 | Signs the 100 MW REFHYNE II contract with Shell; inaugurates the 24 MW Yara plant; commissions RWE's 4 MW pilot | Building up reference plants |
| June 2025 | Launches Hydropulse, a build-own-operate (BOO) business | An attempt to widen from selling equipment to supplying hydrogen |
| 14 August 2025 | Reports the year to April 2025: revenue of £26.0 million and contracted order backlog of £145.1 million. First-time pass rate at factory acceptance tests rises from under 50% to 99% | The company stresses improved manufacturing quality |
| 22 September 2025 | RWE makes a capacity reservation for 150 MW (30 NEPTUNE V units) | A reservation of further orders, not a firm order |
| 21 October 2025 | Launches ALPHA 50, a 50 MW complete plant (EUR 50 million on standard terms) | A new standard product for large projects |
| 21 November 2025 | Stablegrid selects ITM as supplier for two projects totalling 710 MW | For grid balancing (relieving grid congestion) |
| 15 and 29 January 2026 | Jürgen Nowicki, formerly CEO of Linde Engineering, becomes Chair. First-half results announced (revenue £18.0 million) | The Chair comes from the largest shareholder's group |
| 16-17 February 2026 | A 20 MW contract formally starts (notice to proceed). Full-year revenue outlook raised to £40-43 million | Reflects the move to percentage-of-completion accounting and project progress |
| 11 March 2026 | MorGen Energy's 20 MW project in Wales reaches final investment decision (FID); ten-year long-term service agreement | Among the first projects backed by UK HAR1 to reach FID |
| 9 April 2026 | Great British Energy invests £40 million; DESNZ notifies intent to award a £46.5 million grant (formally awarded 9 July) | Funds a 1 GW-a-year manufacturing line for the next-generation CHRONOS stack |
| 17 April, 3 June and 24 June 2026 | Collaboration with Rheinmetall (Giga PtX); strategic partnership with Protium; letter of intent with DB Systemtechnik | Trials of new uses and business models |
| 4 August 2026 | First hydrogen from Lingen reaches the customer | The first time the 200 MW plant sent hydrogen to an offtaker |
| 5 October 2026 | Announces that results for the year to April 2026 will be delayed to the second half of October (first-year audit by BDO) | Full-year figures are not yet fixed |
7. What comes next
The figures above are targets or outlooks of the company or its customers, not results Not yet confirmed. The official materials also describe the following plans.
- CHRONOS: the next-generation stack is in development and validation; the launch date could not be confirmed. The 1 GW-a-year manufacturing line is planned inside the existing Sheffield facilities (9 July 2026)
- MorGen West Wales (20 MW): commissioning targeted for 2028 (the customer's target)
- UK support schemes: in its half-year report the company says the government plans to launch HAR3 in 2026 and HAR4 from 2028 (this is the company's description of a government plan; we have not checked the government's own documents)
- Hydropulse: several projects under discussion; a specific operating project could not be confirmed
- Rheinmetall (Giga PtX): support for a concept of several hundred decentralized synthetic-fuel plants of up to 50 MW each across Europe. An early-stage collaboration; no contract or volumes could be confirmed
- DB Systemtechnik: a joint FEED study on hydrogen for rail (letter-of-intent stage)
Audited actuals for the year to April 2026; CHRONOS launch timing and published performance figures; any orders for ALPHA 50; the FID of Uniper's Humber H2ub; details of the Asia-Pacific project above 300 MW; any operating Hydropulse project and how it is financed; named joint research with universities; and a company-wide manufacturing capacity in GW a year (the only figure is a stack-assembly line capability described as "over 2 GW"). None of these appears in the materials we reviewed.
8. What the company is aiming for in hydrogen
This section separates what the company says directly from what we read into it. Inference marks our own interpretation of primary information.
| What we read from it | Primary information behind it | Status |
|---|---|---|
| It concentrates on PEM and sells combinations of standard products | Four standard products: 2 MW (NEPTUNE II), 5 MW (NEPTUNE V), 20 MW (POSEIDON) and 50 MW (ALPHA 50). The 2023 results say the product portfolio was significantly simplified | Sourced |
| For large projects it sells a complete plant at a stated price, not just equipment | ALPHA 50 is a complete plant that needs only water and electricity and delivers hydrogen at 30 bar, with a price of EUR 50 million stated. The company claims it is more competitive than comparable offers (we make no judgment of ranking) | Sourced (company claim) / Inference (direction) |
| It keeps its stack design and manufacturing in-house and moves to volume with the next generation | The company says it fully owns its core science and manufacturing processes. The CHRONOS 1 GW-a-year line (catalyst-coated membranes, electrode welding, stack assembly) is funded by government money | Sourced |
| Beyond selling equipment, it is stepping into supplying hydrogen (owning and operating) | Hydropulse (BOO) has begun. The CEO describes the Protium partnership as a framework ranging from equipment supply to investment | Sourced / Inference (how much it will own) |
| The UK and Germany are its main fields, with newer uses such as defence and rail being tried | Most projects sit in the UK (HAR) and Germany. Collaborations with Rheinmetall and DB Systemtechnik | Sourced / Inference (positioning) |
We read "stepping into supplying hydrogen" mainly from how the company describes the purpose of Hydropulse. The company presents Hydropulse as a way to lower the bankability hurdle of green hydrogen projects by taking on capital expenditure, operating and technology risk Sourced. In other words, ITM itself would take on the risk that stops customers reaching a final investment decision (FID). At the same time, ITM has about £200 million in cash and continuing operating losses, so the scale of assets it can hold itself must be limited. We therefore read the likely shape as "not full self-ownership, but project-by-project arrangements with outside investors such as Protium" Not yet confirmed. This is our interpretation, not a policy the company has stated.
9. Map of partnerships in hydrogen
What stands out at ITM Power is that its largest shareholder, Linde, is at once a joint supplier and a party that received a settlement payment after a past dispute Sourced. One non-executive director on the board was nominated by Linde (annual report), and the Chair since January 2026, Jürgen Nowicki, is a former CEO of Linde Engineering. The annual report says directors recognize their duty to act in the interests of the company as a whole rather than of any one shareholder. How the relationship with Linde will affect future projects cannot be confirmed from the company's materials Inference.
10. Technologies, products and services
Product specifications below come only from the company's official data sheets and announcements. The figures are manufacturer's stated values; values measured under different conditions and scales are not set side by side to rank products (the power consumption in the table is for the whole system at beginning of life).
| Area | What official materials list (manufacturer's stated values) | Note |
|---|---|---|
| TRIDENT (2 MW skid) | PEM. 3 stacks, 36 kg/h of hydrogen, output pressure 31 bar(g), operating range 25-100%, ambient temperature -20 to +40 °C, ramp of 10% per second up and 50% per second down, CE and ASME compliance | The basic stack unit. ITM describes it as a 30 bar-class stack |
| NEPTUNE II / V | NEPTUNE II is an autonomous 2 MW plug-and-play plant. NEPTUNE V is a 5 MW containerized complete plant, including balance of plant. Several units can be linked into larger plants | NEPTUNE V is a mid-size product that the company says has drawn strong demand since launch |
| POSEIDON (20 MW module) | PEM. 30 stacks, 360 kg/h of hydrogen, output pressure 31 bar(g), operating range 20-100%, whole-system AC power consumption of 55.9 kWh/kg (at beginning of life, including water purification, stacks and balance of plant), footprint 35 x 15 x 7.5 m, indoor or outdoor installation, CE and PED compliance | The unit used in the 20 MW projects at Lingen, for Uniper and for MorGen |
| ALPHA 50 (50 MW complete plant) | PEM. 80 stacks, 900 kg/h of hydrogen, output pressure 30 bar(g), operating range 12.5-100%, AC power consumption 55.9 kWh/kg (same basis), hydrogen purity of under 5 ppm water and under 5 ppm oxygen (referring to EN 17124 and ISO 14687), footprint 74 x 35 m, outdoor installation, price EUR 50 million on standard terms | Launched in October 2025; orders could not be confirmed |
| Next-generation stack CHRONOS | In development and validation. The company aims for higher efficiency and lower cost. A 1 GW-a-year manufacturing line is planned | Published performance figures could not be confirmed |
| Services and hydrogen supply | Long-term service agreements (ten years for MorGen). Hydropulse (build, own, operate). Decentralized hydrogen plants built from containerized NEPTUNE units | The core revenue is still equipment sales |
A PEM electrolysis stack generally consists of an electrolyte membrane, catalyst layers (iridium on the anode, platinum on the cathode, for example), porous transport layers, bipolar plates and seals Not yet confirmed (a general explanation, not a description of ITM's design). The clues in ITM's official materials are three: (1) the investment scope of the CHRONOS line, which lists catalyst-coated membrane production, electrode welding, specialist coating, stack assembly and a cleanroom; (2) the continuing work to reduce iridium loading; and (3) a stack output pressure of 31 bar(g) Sourced. A thinner membrane lowers electrical resistance, but under pressurized operation there is a trade-off with hydrogen permeation and mechanical strength Not yet confirmed (a general explanation).
Note that the data-sheet power consumption (55.9 kWh/kg) is a beginning-of-life value and rises as the stack degrades with operating time. We could not find published degradation rates or lifetime figures in ITM's materials. See also our explainers on PEM water electrolysis and on platinum group metals and catalysts.
11. The risks this company carries
| Risk | Detail | Status |
|---|---|---|
| Losses and fixed-cost absorption | Adjusted EBITDA was -£33.0 million in the year to April 2025 and -£11.9 million in the first half of the year to April 2026. The company says the factory is not yet full enough to absorb fixed costs (first-half gross loss of £6.5 million) | Sourced |
| Loss-making legacy contracts | 71% of the order backlog is profitable contracts (January 2026). The remaining legacy contracts add no margin but are fully provided for, and are expected to be recognized over about the next 18 months | Sourced |
| Delayed results and change of auditor | Full-year results for the year to April 2026 are postponed to the second half of October. The new auditor's (BDO) first-year audit is not finished. The annual report will not be ready for the shareholders' meeting on 30 October 2026 | Sourced |
| Customers' FIDs slipping | The company itself says market-wide FIDs have run later than first projected. Many projects depend on support schemes such as those in the UK and Germany | Sourced / Inference (degree of dependence on support schemes) |
| Orders that are not firm | RWE's 150 MW is a capacity reservation, Stablegrid's 680 MW is at pre-FEED, and the Asia-Pacific project above 300 MW is undisclosed. FIDs depend on customers | Sourced |
| Relationship with the largest shareholder, Linde | Linde holds 16.2% and nominated one director. A past commercial dispute was settled with a £13.0 million payment. Linde is also a joint supplier | Sourced |
| Track record of new products | CHRONOS has not been launched; ALPHA 50 was launched recently and no order could be confirmed. Data-sheet values are manufacturer's stated values and independent verification could not be confirmed from the materials | Sourced / Not yet confirmed |
| Precious-metal price and supply | The company keeps a platinum group metal sourcing policy and manages price and supply swings as a risk. It continues to work on using less iridium | Sourced |
| Policy changes | In the U.S. the company says a broader rollback of clean-energy incentives is likely to pose challenges, and it keeps an asset-light approach there (annual report) | Sourced |
| Capital burden of owning and operating (Hydropulse) | Owning and operating hydrogen supply needs capital. Terms with outside investors could not be confirmed | Inference |
This article summarizes a company and is not advice on handling or operating hydrogen. The handling of hydrogen is governed by national laws, standards and operators' own safety rules.
12. Glossary
- PEM (proton exchange membrane) electrolysis
- Water electrolysis that uses a solid polymer membrane as the electrolyte. It is said to follow load changes quickly. See our explainer on PEM water electrolysis.
- AIM
- The London Stock Exchange's market for growing companies.
- Adjusted EBITDA
- A non-statutory profit measure that the company defines, excluding exceptional items and similar. ITM reports it as a loss (a negative number).
- Completed-contract / percentage-of-completion
- Recognizing revenue in one go at a milestone such as delivery, versus recognizing it gradually as work progresses.
- HAR (Hydrogen Allocation Round)
- A UK government competitive scheme that selects hydrogen production projects for support (as described by the company). Rounds are numbered HAR1, HAR2 and so on.
- FID / FEED / LOI / NtP
- Final investment decision / front-end engineering design / letter of intent / notice to proceed (a notice that formally authorizes the start of a contract).
- BOO (build, own, operate)
- A business form in which the company builds, owns and operates the plant and sells the hydrogen or power. At ITM, Hydropulse does this.
- CCM (catalyst-coated membrane)
- An electrolyte membrane with catalyst layers coated on both faces: the heart of a PEM stack.
- PGM (platinum group metals)
- Platinum, iridium and others; scarce metals used as PEM electrolysis catalysts.
13. References
- ITM Power Annual Report 2025 (year to April 2025). History, shareholders, headcount, financials, settlement with Linde, joint venture, R&D priorities, product definitions, outlook. https://itm-power-assets.s3.eu-west-2.amazonaws.com/ITM_Power_plc_Annual_Report_2025_Interactive_pdf_2ecea7ebba.pdf
- ITM Power Preliminary Results (14 August 2025, regulatory news). Results for the year to April 2025, original outlook for the year to April 2026, business highlights. https://www.investegate.co.uk/announcement/rns/itm-power--itm/preliminary-results/9051857
- ITM Power Half-year Financial Report (29 January 2026, regulatory news). First-half results, order backlog, change in revenue recognition, project progress. https://www.investegate.co.uk/announcement/rns/itm-power--itm/half-year-financial-report/9392466
- ITM Power Trading Update (4 December 2025, regulatory news). First-half flash results, Lingen progress. https://www.investegate.co.uk/announcement/rns/itm-power--itm/trading-update/9274545
- ITM Power FY26 revenue guidance raised (17 February 2026, regulatory news). Revenue outlook raised. https://www.investegate.co.uk/announcement/rns/itm-power--itm/fy26-revenue-guidance-raised-/9433435
- ITM Power GB Energy 40m investment and DESNZ 46.5m grant (9 April 2026, regulatory news). Government-backed equity and grant, the 1 GW-a-year CHRONOS line, cash outlook. https://www.investegate.co.uk/announcement/rns/itm-power--itm/gb-energy-40m-investment-and-desnz-46-5m-grant/9511375
- ITM Power Award of £46.5m DESNZ Grant (9 July 2026, regulatory news). Formal award and use of the grant. https://www.investegate.co.uk/announcement/rns/itm-power--itm/award-of-46-5m-desnz-grant/9659736
- ITM Power First hydrogen from Lingen reaches customer (4 August 2026, regulatory news). https://www.investegate.co.uk/announcement/rns/itm-power--itm/first-hydrogen-from-lingen-reaches-customer/9702460
- ITM Power Notice of AGM (5 October 2026, regulatory news). AGM date, postponement of the results for the year to April 2026, change of auditor. https://www.investegate.co.uk/announcement/rns/itm-power--itm/notice-of-agm/9805355
- ITM Power MorGen Energy 20 MW Project FID and LTSA Signed (11 March 2026, regulatory news). https://www.investegate.co.uk/announcement/rns/itm-power--itm/morgen-energy-20-mw-project-fid-and-ltsa-signed-/9467989
- ITM Power Selected for 710 MW of energy infrastructure projects in Germany (21 November 2025, regulatory news). Two Stablegrid projects. https://www.investegate.co.uk/announcement/rns/itm-power--itm/selected-for-710-mw-of-projects-in-germany/9248270
- ITM Power Capacity reservation with RWE for 150MW of NEPTUNE V units (22 September 2025, regulatory news). https://www.investegate.co.uk/announcement/rns/itm-power--itm/150mw-neptune-v-capacity-reservation-with-rwe/9121534
- ITM Power Launch of ALPHA 50 (21 October 2025, regulatory news). https://www.investegate.co.uk/announcement/rns/itm-power--itm/launch-of-alpha-50/9183001
- ITM Power Strategic partnership with Protium (3 June 2026, regulatory news). https://www.investegate.co.uk/announcement/rns/itm-power--itm/strategic-partnership-with-protium/9598427
- ITM Power ITM and DB Systemtechnik GmbH LOI (24 June 2026, regulatory news). https://www.investegate.co.uk/announcement/rns/itm-power--itm/itm-and-db-systemtechnik-gmbh-loi/9633211
- ITM Power Strategic collaboration with Rheinmetall (17 April 2026, regulatory news). https://www.investegate.co.uk/announcement/rns/itm-power--itm/strategic-collaboration-with-rheinmetall/9524975
- ITM Power POSEIDON data sheet (product data sheet). Specifications of the 20 MW module. https://itm-power-assets.s3.eu-west-2.amazonaws.com/POSEIDON_DATA_SHEET_2_7_2e1f89da3f.pdf
- ITM Power TRIDENT data sheet (product data sheet). Specifications of the 2 MW skid. https://itm-power-assets.s3.eu-west-2.amazonaws.com/TRIDENT_DATA_SHEET_2_1_A_3a03bb3ce7.pdf
- ITM Power ALPHA 50 spec sheet (product data sheet). Specifications and price of the 50 MW complete plant. https://itm-power-assets.s3.eu-west-2.amazonaws.com/14299_ITM_Alpha_Spec_Sheet_1_7_5db44f3d20.pdf
- ITM Power Official website (source of the logo image and product pages). https://www.itm-power.com/
14. Claim-to-source audit
| Claim in the text | Status | Source |
|---|---|---|
| Legal name, head office (Sheffield), founding year and AIM listing year, financial year-end | Sourced | Reference 1 https://itm-power-assets.s3.eu-west-2.amazonaws.com/ITM_Power_plc_Annual_Report_2025_Interactive_pdf_2ecea7ebba.pdf |
| Major shareholders (Linde UK Holdings No.2 Limited at 16.20% and others, as of 13 August 2025) | Sourced | Reference 1 https://itm-power-assets.s3.eu-west-2.amazonaws.com/ITM_Power_plc_Annual_Report_2025_Interactive_pdf_2ecea7ebba.pdf |
| Revenue, adjusted EBITDA, cash, contracted order backlog and operating loss for the years to April 2024 and April 2025 | Sourced | Reference 1 https://itm-power-assets.s3.eu-west-2.amazonaws.com/ITM_Power_plc_Annual_Report_2025_Interactive_pdf_2ecea7ebba.pdf Reference 2 https://www.investegate.co.uk/announcement/rns/itm-power--itm/preliminary-results/9051857 |
| First-half results for the year to April 2026 (revenue £18.0 million, adjusted EBITDA -£11.9 million, cash, backlog of £152 million with 71% profitable, gross loss) | Sourced | Reference 3 https://www.investegate.co.uk/announcement/rns/itm-power--itm/half-year-financial-report/9392466 |
| Outlook for the year to April 2026 (revenue £40-43 million, adjusted EBITDA loss £27-29 million, cash £210-215 million) | Not yet confirmed | Reference 5 https://www.investegate.co.uk/announcement/rns/itm-power--itm/fy26-revenue-guidance-raised-/9433435 Reference 6 https://www.investegate.co.uk/announcement/rns/itm-power--itm/gb-energy-40m-investment-and-desnz-46-5m-grant/9511375 Reference 3 https://www.investegate.co.uk/announcement/rns/itm-power--itm/half-year-financial-report/9392466 |
| Postponement of full-year results to the second half of October 2026, new auditor BDO, annual report not ready for the AGM | Sourced | Reference 9 https://www.investegate.co.uk/announcement/rns/itm-power--itm/notice-of-agm/9805355 |
| Move from the completed-contract method to the percentage-of-completion method | Sourced | Reference 3 https://www.investegate.co.uk/announcement/rns/itm-power--itm/half-year-financial-report/9392466 Reference 5 https://www.investegate.co.uk/announcement/rns/itm-power--itm/fy26-revenue-guidance-raised-/9433435 |
| 306 employees (30 April 2025), average of 304.6, R&D-related costs of £1.7 million | Sourced | Reference 1 https://itm-power-assets.s3.eu-west-2.amazonaws.com/ITM_Power_plc_Annual_Report_2025_Interactive_pdf_2ecea7ebba.pdf |
| Capex (£6.9 million in the first half of the year to April 2026; £10-15 million expected for the full year) | Sourced | Reference 3 https://www.investegate.co.uk/announcement/rns/itm-power--itm/half-year-financial-report/9392466 Reference 1 https://itm-power-assets.s3.eu-west-2.amazonaws.com/ITM_Power_plc_Annual_Report_2025_Interactive_pdf_2ecea7ebba.pdf |
| ITM Linde Electrolysis GmbH (50:50, set up October 2019, no new orders), disposal of Motive Fuels, £13.0 million settlement of the Linde dispute | Sourced | Reference 1 https://itm-power-assets.s3.eu-west-2.amazonaws.com/ITM_Power_plc_Annual_Report_2025_Interactive_pdf_2ecea7ebba.pdf |
| Great British Energy's £40 million equity investment, DESNZ's £46.5 million grant (formally awarded 9 July 2026) and the scope of the 1 GW-a-year CHRONOS line | Sourced | Reference 6 https://www.investegate.co.uk/announcement/rns/itm-power--itm/gb-energy-40m-investment-and-desnz-46-5m-grant/9511375 Reference 7 https://www.investegate.co.uk/announcement/rns/itm-power--itm/award-of-46-5m-desnz-grant/9659736 |
| Letter of intent and FEED study with DB Systemtechnik, strategic partnership with Protium (Cromarty 15 MW, FID targeted December 2026), collaboration with Rheinmetall | Sourced | Reference 15 https://www.investegate.co.uk/announcement/rns/itm-power--itm/itm-and-db-systemtechnik-gmbh-loi/9633211 Reference 14 https://www.investegate.co.uk/announcement/rns/itm-power--itm/strategic-partnership-with-protium/9598427 Reference 16 https://www.investegate.co.uk/announcement/rns/itm-power--itm/strategic-collaboration-with-rheinmetall/9524975 |
| Progress of the 200 MW Lingen plant (2 x 100 MW) and first hydrogen on 4 August 2026 | Sourced | Reference 8 https://www.investegate.co.uk/announcement/rns/itm-power--itm/first-hydrogen-from-lingen-reaches-customer/9702460 Reference 4 https://www.investegate.co.uk/announcement/rns/itm-power--itm/trading-update/9274545 Reference 3 https://www.investegate.co.uk/announcement/rns/itm-power--itm/half-year-financial-report/9392466 |
| Shell REFHYNE II (100 MW) under construction; inauguration of the 24 MW Yara plant | Sourced | Reference 2 https://www.investegate.co.uk/announcement/rns/itm-power--itm/preliminary-results/9051857 Reference 4 https://www.investegate.co.uk/announcement/rns/itm-power--itm/trading-update/9274545 |
| MorGen Energy 20 MW FID (11 March 2026), ten-year service agreement, commissioning targeted for 2028 | Sourced | Reference 10 https://www.investegate.co.uk/announcement/rns/itm-power--itm/morgen-energy-20-mw-project-fid-and-ltsa-signed-/9467989 |
| Selection by Uniper for 120 MW and the FEED; selection for an Asia-Pacific project above 300 MW (customer undisclosed) | Sourced | Reference 2 https://www.investegate.co.uk/announcement/rns/itm-power--itm/preliminary-results/9051857 Reference 3 https://www.investegate.co.uk/announcement/rns/itm-power--itm/half-year-financial-report/9392466 |
| Stablegrid's 710 MW (30 MW plus 680 MW) and expected FID timing | Sourced | Reference 11 https://www.investegate.co.uk/announcement/rns/itm-power--itm/selected-for-710-mw-of-projects-in-germany/9248270 |
| RWE's 150 MW capacity reservation (not a firm order) | Sourced | Reference 12 https://www.investegate.co.uk/announcement/rns/itm-power--itm/150mw-neptune-v-capacity-reservation-with-rwe/9121534 |
| Launch of ALPHA 50 (EUR 50 million) and its specifications | Sourced | Reference 13 https://www.investegate.co.uk/announcement/rns/itm-power--itm/launch-of-alpha-50/9183001 Reference 19 https://itm-power-assets.s3.eu-west-2.amazonaws.com/14299_ITM_Alpha_Spec_Sheet_1_7_5db44f3d20.pdf |
| Specifications of POSEIDON 20 MW and TRIDENT 2 MW (manufacturer's stated values) | Sourced | Reference 17 https://itm-power-assets.s3.eu-west-2.amazonaws.com/POSEIDON_DATA_SHEET_2_7_2e1f89da3f.pdf Reference 18 https://itm-power-assets.s3.eu-west-2.amazonaws.com/TRIDENT_DATA_SHEET_2_1_A_3a03bb3ce7.pdf |
| Iridium loading cut twice by 40% each time; platinum group metal sourcing policy | Sourced | Reference 2 https://www.investegate.co.uk/announcement/rns/itm-power--itm/preliminary-results/9051857 Reference 1 https://itm-power-assets.s3.eu-west-2.amazonaws.com/ITM_Power_plc_Annual_Report_2025_Interactive_pdf_2ecea7ebba.pdf |
| First-time factory acceptance test pass rate raised from under 50% to 99% | Sourced | Reference 2 https://www.investegate.co.uk/announcement/rns/itm-power--itm/preliminary-results/9051857 |
| Plans for UK HAR3 (2026) and HAR4 (2028) | Not yet confirmed | The company's description of a government plan in its half-year report; the government's own documents were not checked. Reference 3 https://www.investegate.co.uk/announcement/rns/itm-power--itm/half-year-financial-report/9392466 |
| CHRONOS launch timing and performance, orders for ALPHA 50, FID of the Uniper project, a Hydropulse operating project, named joint research with universities, company-wide manufacturing capacity (GW a year) | Not yet confirmed | Not in the materials reviewed. We make no estimate. Reference 1 https://itm-power-assets.s3.eu-west-2.amazonaws.com/ITM_Power_plc_Annual_Report_2025_Interactive_pdf_2ecea7ebba.pdf Reference 3 https://www.investegate.co.uk/announcement/rns/itm-power--itm/half-year-financial-report/9392466 Reference 7 https://www.investegate.co.uk/announcement/rns/itm-power--itm/award-of-46-5m-desnz-grant/9659736 |
| Investment in start-ups | Not yet confirmed | Could not be confirmed. We do not assert that none exists. Reference 1 https://itm-power-assets.s3.eu-west-2.amazonaws.com/ITM_Power_plc_Annual_Report_2025_Interactive_pdf_2ecea7ebba.pdf |
| The four-type classification (Electrolyzers; Fuel cells & hydrogen end-use equipment; Gases & large projects; Materials & components) and the example companies | Our calculation | Our own classification. Company names are examples from those covered in this series |
| The general make-up of a PEM stack (membrane, catalyst layers, transport layers, bipolar plates, seals) and the general statement that iridium is the anode catalyst | Not yet confirmed | General commentary, not a description of ITM's design |
| The reading that ITM concentrates on PEM and sells combinations of standard products, and sells complete plants at a stated price | Inference | Our own reading of the product range and price disclosure. Reference 13 https://www.investegate.co.uk/announcement/rns/itm-power--itm/launch-of-alpha-50/9183001 Reference 19 https://itm-power-assets.s3.eu-west-2.amazonaws.com/14299_ITM_Alpha_Spec_Sheet_1_7_5db44f3d20.pdf |
| The reading that ITM is stepping into owning and operating hydrogen supply, mostly with outside investors | Inference | Our own reading of the purpose of Hydropulse and the Protium partnership (not a policy stated by the company). Reference 14 https://www.investegate.co.uk/announcement/rns/itm-power--itm/strategic-partnership-with-protium/9598427 Reference 3 https://www.investegate.co.uk/announcement/rns/itm-power--itm/half-year-financial-report/9392466 |
| The reading that the UK and Germany are the main fields; the effect of the Linde relationship on future projects; dependence on support schemes; capital burden of Hydropulse | Inference | Our own reading of the distribution of projects and the structure of partnerships (an outlook, not a statement by the company). |
Last updated: 6 October 2026 / Troy Technical
The figures in this article come from ITM Power's annual report, regulatory news announcements and official data sheets. Market-research estimates and press-report figures are not used. Product figures are manufacturer's stated values. Passages marked "Inference" are our own reading of primary information and are not statements by the company.