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Overview
ITM Power designs and manufactures PEM electrolysers to produce green hydrogen using renewable energy. Its electrolysers split water into hydrogen and oxygen, enabling customers to generate clean fuel for decarbonizing transport and industrial processes, with systems paired with ongoing service agreements and maintenance to ensure reliable performance. The company differentiates itself through its emphasis on PEM technology, a strong after-sales and long-term services model, and continuous research and development to advance green hydrogen applications. As a London Stock Exchange-listed company, ITM Power aims to support the global shift to net zero by providing scalable, reliable hydrogen production solutions and related services for customers looking to decarbonize operations.
About ITM Power
Industries
Automotive & Transportation
Industrial & Manufacturing
Energy
Company Size
201-500
Company Stage
IPO
Headquarters
Sheffield, United Kingdom
Founded
2000
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Simplify's Take
What believers are saying
- DESNZ formally awarded £46.5 million on 9 July 2026 for Chronos.
- H1 2026 revenue hit £18 million, and FY26 guidance rose to £40-43 million.
- ITM's order book reached £152 million, with 71% classified profitable.
What critics are saying
- Share volatility persists: ITM traded 42% below its 52-week high in July 2026.
- Chronos still needs construction, commissioning, and 2028 ramp-up before meaningful revenue arrives.
- Without fresh GBE and DESNZ support, ITM burns cash before Chronos reaches 2028 volume.
What makes ITM Power unique
- ITM's Chronos stack targets 1GW annual capacity with automated Sheffield manufacturing.
- Great British Energy bought 10.4% in April 2026, validating ITM's sovereign-industrial positioning.
- ITM's 2026 balance sheet held £197.8 million cash while scaling delivery.
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Funding
Total Funding
$727.4M
Above
Industry Average
Funded Over
13 Rounds
Benefits
Paid Vacation
Gym Membership
Life Insurance
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Training Programs
Stock Price
Growth & Insights and Company News
6 month growth
↑ 0%1 year growth
↑ 0%2 year growth
↑ 0%ITM Power has secured government grant funding and a state-backed equity investment to build a gigawatt-scale manufacturing line for its Chronos electrolyser stack platform. The Sheffield-based manufacturer received support from the government department responsible for energy security, alongside equity from a publicly owned energy investment company. The Chronos platform represents the company's next-generation stack design, engineered to improve energy efficiency whilst lowering production costs. Public equity participation signals government intent to hold direct interest in domestic manufacturing capacity rather than simply subsidising it. The support comes as hydrogen equipment suppliers face challenging market conditions, with project timelines slipping and investment decisions deferred. The state-backed funding functions as a bridge to sustain manufacturing readiness until demand strengthens. Full-year results are due shortly, with focus on cash consumption, order intake and manufacturing programme progress.
ITM Power secured a £46.5 million government grant from the Department for Energy Security and Net Zero, three months after its initial announcement in April. The electrolyser manufacturer reported record first-half revenue of £18 million, with £15.5 million from equipment sales and the remainder from engineering studies, spare parts, and maintenance. The company's order book grew to £152 million, 71 per cent of which is profitable. Cash reserves stand at £197.8 million. Management targets full-year revenue of £35–40 million, aiming to quadruple within two years. Despite gaining 79.54 per cent year-to-date, shares trade nearly half below their 52-week peak of €2.58. Analyst opinions remain divided, with Goldman Sachs maintaining a Sell rating whilst Morgan Stanley upgraded to Overweight with a 170 pence target. Full-year results are due 14 August.
Great British Energy acquired a 10% stake in ITM Power during the second quarter of 2026, investing £40 million in fresh equity. The UK energy ministry added £46.5 million on 9 July for the Chronos automated production line in Sheffield. Despite government backing, ITM Power shares remain volatile, trading at €1.32 — 15% lower over 30 days and 48% below the 29 May high. Analyst price targets range from £1.10 to £2.00, with Berenberg rating the stock a buy at 200 pence whilst Goldman Sachs maintains a sell recommendation. The Chronos line aims to deliver 1 gigawatt of electrolyser stacks annually. ITM Power is also developing the 15-megawatt Cromarty hydrogen project in Scotland, with a final investment decision expected in December 2026.
ITM Power has secured a £46.5 million government grant, cleared by Britain's competition authority, to build an automated electrolyser factory in Sheffield. Combined with a £40 million share placement from Great British Energy, the total financing package reaches £86.5 million. The UK company plans to produce its Chronos platform electrolysers at one gigawatt annual capacity by 2028. Alongside the funding, ITM Power published durability data with W. L. Gore & Associates addressing the hydrogen sector's credibility gap around long-term reliability under realistic operating conditions. ITM Power shares closed at €1.50, up 16.61% over the week but down 29.94% over 30 days. The stock has gained 106.06% year-to-date despite trading 42.01% below its 52-week high, reflecting investor scepticism around commercial delivery in the green hydrogen sector.
ITM Power shares plummeted 27% over seven sessions despite securing £86.5 million in UK government funding, with a 14% single-day crash on Friday to €1.70. The company received £40 million in equity investment for a 10.4% stake and £46.5 million in grants to automate its Sheffield factory and develop the Chronos electrolyser platform. The selloff occurred as stronger-than-expected US jobs data triggered rate hike fears, hitting growth stocks globally. Analyst opinions diverged sharply, with Goldman Sachs maintaining a 'Sell' rating and 63p target whilst Berenberg raised its target to 110p. Morgan Stanley set a 170p target, highlighting deep uncertainty over valuation. Technical unwinding from MSCI rebalancing accelerated losses. ITM Power also raised revenue guidance to £40-43 million and secured a partnership for a 15 MW Scottish hydrogen project.
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About ITM Power
Industries
Automotive & Transportation
Industrial & Manufacturing
Energy
Company Size
201-500
Company Stage
IPO
Headquarters
Sheffield, United Kingdom
Founded
2000
ITM Power is Hiring for 33 Jobs on Simplify!
Find jobs on Simplify and start your career today