ITM Power
ITM · AIM · Energy · mcap £635m · 80.9p 4 open situations →
Open · 4
MorGen West Wales Hydrogen project
On 16 Feb 2026 ITM announced a 20 MW project had received FID and Notice to Proceed, with no customer named. On 11 Mar 2026 it named it as MorGen Energy's West Wales Hydrogen project in Milford Haven, HAR1-funded, using ITM's POSEIDON module. ITM also signed a ten-year LTSA. No value disclosed.
- Customer
- MorGen Energy, West Wales Hydrogen project, Milford Haven 11 Mar 2026 ↗
- Size
- 20 MW POSEIDON core electrolysis process module; about 2,000 tonnes of hydrogen per year 11 Mar 2026 ↗
- Funding
- Among the first projects supported by UK Government HAR1 funding to reach FID 11 Mar 2026 ↗
- Service
- Ten-year Long-Term Service Agreement signed 11 Mar 2026 11 Mar 2026 ↗
- Next milestone
- Commissioning targeted for 2028 11 Mar 2026 ↗
- Value
- Not disclosed 11 Mar 2026 ↗
Next: Construction start and commissioning of the 20 MW plant · 1 Jan 2028
- 11 Mar 2026 FID reached; equipment and 10-year LTSA signed
Lingen and Refhyne II 100 MW plants
ITM and Linde Engineering are delivering two 100 MW plants to RWE at Lingen. First hydrogen went to Evonik's Marl park, announced 4 Aug 2026. In the 19 Oct 2026 results ITM says Lingen 1, the world's largest PEM electrolyser plant, is now operational, and Lingen 2 is on track for completion in the current financial year.
- Milestone
- First hydrogen produced and delivered to Evonik's Marl chemical park, announced 4 Aug 2026 4 Aug 2026 ↗
- Size
- Two 100 MW plants, 200 MW in total, for RWE 19 Oct 2026 ↗
- Pipeline
- Approximately 120 km of hydrogen pipeline to Marl 4 Aug 2026 ↗
- Project
- GET H2 Nukleus 4 Aug 2026 ↗
- Next milestone
- Lingen 2 completion; full 200 MW commercial operation, no date stated 19 Oct 2026 ↗
- Status
- Commissioning ongoing 4 Aug 2026 ↗
Next: Lingen 2 completion in FY27; ramp-up of both plants
- 19 Oct 2026 Lingen 1 operational; Lingen 2 on track
- 4 Aug 2026 First hydrogen delivered to customer during commissioning
- 29 Jan 2026 Selected; FIDs expected 2026 and 2028
- 18 Dec 2025 Contract signed with Octopus HYRO
Hydropulse 150 MW refinery project
On 12 Oct 2026 ITM's Build, Own, Operate subsidiary Hydropulse signed Heads of Terms with an unnamed European oil refinery for 150 MW of Alpha electrolysers under a 10-year agreement. A joint FEED study is under way. FID is targeted for 2027 and production for 2029. The CEO says it would be ITM's largest commercial commitment to date if it reaches definitive agreements.
- Size
- 150 MW of Alpha electrolyser platform, 10-year agreement 12 Oct 2026 ↗
- Customer
- Unnamed European oil refinery; provides site and utilities, including power 12 Oct 2026 ↗
- Stage
- Heads of Terms signed 12 Oct 2026; joint FEED study in progress 12 Oct 2026 ↗
- Next milestone
- FID targeted 2027; hydrogen production expected 2029 12 Oct 2026 ↗
- Funding
- In constructive discussions with banks on project-level financing 12 Oct 2026 ↗
- Value
- Not disclosed 12 Oct 2026 ↗
Next: Complete joint FEED study and reach FID
- 12 Oct 2026 Heads of Terms signed; FEED study under way
Chronos 1 GW manufacturing line
On 9 Apr 2026 ITM announced a £40m Great British Energy subscription and a £46.5m DESNZ grant intention to fund a 1 GW Chronos stack line in Sheffield, up to £120m over three years, operation targeted 2028. On 9 Jul 2026 the grant was formally awarded, so the subsidy-control condition is cleared. The line will be built in existing Sheffield facilities.
- Discount
- 13.7% to the 8 April 2026 closing mid-market price 9 Apr 2026 ↗
- Grant
- £46.5m DESNZ grant formally awarded on 9 Jul 2026; intention announced 9 Apr 2026 9 Jul 2026 ↗
- Total investment
- Up to £120m over three years, enabled by £86.5m UK government support 9 Jul 2026 ↗
- Conditions
- Admission expected by 13 April 2026; GBE 12-month lock-up; 6-month discount protection; c.250 UK jobs 9 Apr 2026 ↗
- Next milestone
- Commercial operation of 1 GW line targeted 2028 9 Jul 2026 ↗
- Equity
- £40m Great British Energy subscription, announced 9 Apr 2026, at 55.56p 9 Jul 2026 ↗
Next: Build Chronos line in Sheffield; commercial operation targeted 2028
- 9 Jul 2026 DESNZ grant formally awarded; funding secured
- 9 Apr 2026 GBE subscription agreed; grant pending subsidy review
Closed · 3
Company filings. Not investment advice.