9th Apr 2026 10:16
(Alliance News) - ITM Power PLC shares rose on Thursday after said it has received backing from the UK government through a strategic investment and grant.
The Sheffield-based designer and manufacturer of electrolyser systems for green hydrogen production said publicly-owned Great British Energy Group Ltd is to invest GBP40 million into ITM through a non-pre-emptive subscription
The firm also said the UK Department for Energy Security & Net Zero has confirmed its intention to award the company a grant of GBP46.5 million.
ITM said the subscription and grant will support the development of 1 gigawatt capacity to build its next-generation Chronos electrolyser stack technology.
This is underpinned by strong order momentum and a growing order backlog over the last 14 months, ITM added.
The company said the government backing is a "vote of confidence in our technology" and "delivery credibility".
It raised its cash guidance for the year to April to between GBP210 million and GBP215 million, from the previous range of GBP170 million and GBP175 million, reflecting the subscription funds.
"We are grateful for the confidence and support demonstrated by the UK government," said ITM Power Chief Executive Officer Dennis Schulz.
"The UK government's support, through a combination of equity participation and grant funding, marks a pivotal step in establishing ITM Power at the centre of the UK's hydrogen economy and firmly positions us as a natural partner for projects in the UK."
Shares in ITM Power jumped 11% to 71.60 pence on Thursday morning in London.
By Michael Hennessey, Alliance News reporter
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