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ITM Power (AIM: ITM) manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of renewable hydrogen for transport, renewable heat and chemicals. The Group operates from the world’s largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum. In October 2019, the Company announced the completion of a £58.8 million fundraising, including an investment by Linde of £38 million, together with the formation of a joint venture with Linde to focus on delivering renewable hydrogen to large-scale industrial projects worldwide. The Group subsequently signed a deal to deploy a 10MW electrolyser at Shell’s Rhineland refinery.

In November 2020, ITM completed a £172m fundraising, including a £30m investment by Snam, one of the world’s leading energy infrastructure operators. in January 2021 ITM Power received an order for the world’s largest PEM electrolyser of 24MW from Linde . Other customers and partners include Sumitomo, Ørsted, Phillips 66, Scottish Power, Siemens Gamesa, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, GNVert, National Express, Toyota, Hyundai and Anglo American among others.


  • Sir Roger Bone (NE Chair):  President of Boeing UK from 2005 -14. One of Prime Minister’s honorary Ambassadors for British business from 2009-15. Fromer British Ambassador to Brazil & Sweden;
  • Graham Cooley (CEO): Ex Business Development Manager at National Power plc & spent 11 yrs  developing energy storage and generation technologies. Ex CEO of Sensortec Ltd, founder Metalysis Ltd, Antenova Ltd;
  • Andy Allen (FD): Qualified as a chartered accountant in 2007;
  • Dr Simon Bourne (Chief Tech. Officer): Joined 2002. He has been at the forefront in the development of ITM’s core technology;
  • Dr Rachel Smith (Exec Director): Worked for ITM since its incorporation in 2002;
  • NED’s: Juergen Nowicki, Martin Green, Katherine Roe


P&L30 Apr 2020
30 Apr 2019
Direct Costs(10,839)(6,182)
Loss for the Year(29,561)(9,451)
Balance Sheet31 Mar 2020
31 Mar 2019
Cash & Cash Equivalents39,9125,173
Total Current Liabilities(21,114)(18,500)
Net Assets55,74626,209

Peer Group

  • Ceres Power (AIM: CWR): Fuel cells tech
  • AFC Energy (AIM: AFC): Hydrogen power generation
  • Powerhouse Energy (AIM: PHE): Hydrogen production from waste plastic
  • Velocys (LSE: VLS): Fuels tech co

Major Shareholders

Graham Cooley- 0.13%
Roger Bone- 0.05%
Michael McLaren – 0.08%
Andy Allen – 0.01%
Simon Bourne – 0.01%
Rachel Smith – 0.01%
Martin Green – 0.01%
Katherine Roe – <0.01%

Linde UK Holdings – 17.25%
JCB Research – 9.29%
Mr Peter Hargreaves – 5.20%
DWP Bank – 4.97%
Hargreaves Lansdown – 4.54%
Schroders Investment Management – 3.79%

Macro Indicators (March 2021): “The race to scale up green hydrogen”

“…since the 2015 Paris climate agreement, “low carbon hydrogen”, produced either without fossil fuels or by storing and capturing the emissions generated, is firmly back on the agenda. Governments adopting net zero targets are desperately seeking ways to slash emissions from highly polluting sectors including heating, heavy industries like steel and long distance transport, where other options either don’t yet exist or are also in their infancy.

Last year, the EU and at least 15 other countries published hydrogen plans often backed by subsidies to help lower production costs, according to industry lobby group the Hydrogen Council. At least $300bn is expected, says the council, to be invested globally over the next decade by the public and private sectors, with some in the industry projecting that — if successful — hydrogen could one day help meet almost a fifth of global energy demand. But, so far only $80bn has been committed.”

Media Coverage

Motley Fool (Apr 2021)
“As someone who believes clean energy is the future, I’d buy ITM Power (LSE: ITM) shares today. The stock has fallen from its highs and closed at 492.8p on Tuesday. But it was 717p in January, although it was only 136.73p a year ago. Yet I reckon now may be a good entry point. Here’s why…”

interactive investor (Mar 2021): 
“A new craze for clean technology and hydrogen stocks has already generated significant stock market returns for many investors in ITM Power (LSE:ITM). Now, chief executive Graham Cooley explains the science behind the technology, the future of oil companies such as Royal Dutch Shell (LSE:RDSB) and BP (LSE:BP.) and shares his vision of global energy provision in the 21st century.”

Broker Coverage

Barclays (March 2021)
“Hydrogen is a climate megatrend at the forefront of the decarbonisation strategy for many industries and government. ‘Green hydrogen’, the cleanest method of production, is attracting unprecedented investment and policy support… As the industry scales up, costs have the potential to halve by 2025, enabling green hydrogen to become cost-competitive with ‘grey’ hydrogen, the dominant but highly polluting alternative. While electrolysis technology is not new, as an industry it is nascent, and projects currently depend on government support to move forward.”

JP Morgan Cazenove (Feb 2021)
“We expect ITM to benefit from significant growth in global green hydrogen demand and thus hydrogen electrolyser demand. The group is increasing its manufacturing with the recently commissioned Bessemer Park facility, which has 1GW of manufacturing capacity. This also will help the group reduce costs and increase profitability.”

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