ITM Power

What ITM Power does

ITM Power designs and manufactures proton exchange membrane (PEM) electrolysers for green hydrogen production. Founded in 2000 and headquartered in Sheffield, UK, the company is publicly listed on the London Stock Exchange AIM market and operates as one of the longer-established pure-play PEM specialists, with 25 years of stack development experience. Its core product architecture is the TRIDENT stack platform, scaled into a modular product line ranging from 2 MW to 50 MW units, with the next-generation CHRONOS platform under development. The company serves heavy industry, energy utilities, transport, defence, and hydrogen infrastructure operators, with named customers and partners including RWE, Shell, Linde, Uniper, Yara, Stablegrid, MorGen Energy, Rheinmetall, and DB Systemtechnik.

ITM Power's business model is primarily project-based equipment sales of electrolyser systems, augmented by engineering services and an emerging build-own-operate (BOO) recurring-revenue model through its Hydropulse subsidiary. Revenue is therefore lumpy and tied to large individual project conversions, with a £152m order backlog providing multi-year visibility and approximately 71% of contracts described as profitable. The company benefits from direct UK government support, including an £86.5m funding package for the CHRONOS platform, and is scaling manufacturing capacity with 400+ new jobs planned at its Sheffield facility.

Geographically, ITM Power is expanding beyond its UK base into MENA, Japan, and South America, and is extending into new verticals such as defence (Rheinmetall Giga PtX collaboration) and rail (DB Systemtechnik partnership). Revenue was £16.5m in FY2024 and £26m in FY2025, with FY2026 guidance of £40-43m. The company remains in a pre-profitability investment phase as it scales capacity and converts backlog, making execution on backlog timing and CHRONOS industrialization the principal value drivers.

Name

ITM Power

Legal name

ITM Power plc

Website

https://itm-power.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

251–500 employees

Short description

ITM Power is a Sheffield-based, LSE AIM-listed manufacturer of PEM electrolysers (2-50 MW) for green hydrogen production, serving heavy industry, utilities, transport, defence, and hydrogen infrastructure operators across the UK, Europe, MENA, Japan, and South America.

Ownership category

akta.pro rank

Headquarters

HQ city

Sheffield

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Supply Chain, Operations, Personnel, Infrastructure

Revenue model

1. Electrolyser Equipment Sales: Sale of PEM electrolyser systems ranging from 2 MW (NEPTUNE II) to 50 MW (ALPHA 50) modular units. Equipment sales generated £15.5 million of £18 million H1 2026 revenue. One-time capital equipment purchases with lead times for project-specific configurations.
2. Engineering and Service Contracts: Engineering services, FEED studies, and long-term service agreements. The company has a 10-year service agreement for the MorGen West Wales Hydrogen project creating recurring revenue stream beyond initial equipment sale. 71% of £152 million order backlog now comprises profitable contracts.
3. Build-Own-Operate (Hydropulse): Hydropulse subsidiary delivers containerised green hydrogen plants under build-own-operate model targeting decentralised green hydrogen production for industrial customers in UK and Germany. Addresses customer barriers around cost, project risk, and bankability. Partnership with Eternal Power for German industrial customers.
4. Joint Venture Revenue (ITM Linde Electrolysis): 50% ownership of ITM Linde Electrolysis GmbH joint venture with Linde Engineering. Through this JV, Linde offers engineering, procurement and construction services for installation of ITM PEM electrolysers. Also 50% ownership of Motive Fuels Limited JV with Vitol for hydrogen refuelling stations.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

ITM Power designs, manufactures and supplies PEM (Proton Exchange Membrane) electrolysers for green hydrogen production. Their modular product portfolio spans 2 MW to 50 MW capacity, built on the proprietary TRIDENT stack platform, and is targeted at industrial, energy, transportation and government customers for decarbonisation projects. They also offer a build-own-operate (Hydropulse) hydrogen-as-a-service delivery model.

Product overview

ITM Power is a manufacturer of PEM (Proton Exchange Membrane) electrolysers for green hydrogen production. The product portfolio is built on the proprietary TRIDENT stack technology platform, which powers a modular product line spanning from 2 MW to 50 MW capacity: NEPTUNE II (2 MW autonomous plug-and-play plant), NEPTUNE V (5 MW containerised plant), POSEIDON (20 MW modular skid-mounted system), and ALPHA 50 (50 MW full-scope plant). The company also operates through Hydropulse, a build-own-operate subsidiary offering hydrogen-as-a-service deployment. Products use only renewable electricity and water inputs, producing green hydrogen with oxygen as the only by-product.

Differentiator

Problem solved

Functional benefit

Brands

• Hydropulse: Build-own-operate (BOO) subsidiary delivering containerised green hydrogen plants to industrial customers, offering zero capex hydrogen-as-a-service model.
• Chronos

Products and services

• TRIDENT Leading PEM electrolyser stack technology and core platform underlying all ITM products. Commercially proven 2 MW electrolyser skid with industry-leading 30bar stacks. Highest current density on the market with leading conversion efficiency enables reduced footprint and cost, providing flexibility for project CAPEX/OPEX optimisation.
• NEPTUNE II Autonomous 2 MW Plug & Play green hydrogen plant for small-scale projects. Fully self-contained system based on TRIDENT stack platform, incorporating all necessary balance of plant with power conversion system. Designed for safe, cost-competitive and reliable operation.
• NEPTUNE V Best-in-class 5 MW Plug & Play green hydrogen plant for mid-size projects. Fully containerised autonomous system with TRIDENT stacks at its heart. Rapidly responds to fluctuating renewable energy loads with widest operational range in its class. Priced at EUR 5,000,000.
• POSEIDON Cutting-edge 20 MW process module for large-scale projects. Modular design optimises footprint while enabling projects to scale up. Based on TRIDENT stack platform with skid-mounted units that can be pre-fabricated and pre-tested for shorter deployment times and lower project costs.
• ALPHA 50 World's first full-scope 50 MW Green Hydrogen plant powered by TRIDENT stack platform. Produces high-purity hydrogen at 30 bar pressure with superior energy efficiency. Skid-mounted, pre-fabricated and standardised for outdoor operation, capable of load changes within seconds. Rated at EUR 50,000,000.
• Hydropulse Build-own-operate subsidiary delivering containerised green hydrogen plants. Provides 'zero risk, zero capex' hydrogen-as-a-service model for industrial offtakers, enabling deployment of decentralised green hydrogen production for industrial customers in UK and Germany without upfront capital expenditure.

Quantifiable outcome

• ALPHA 50 produces 900 kg/hr hydrogen at 50 MW capacity
• +4 more outcomes

Named customers15 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Ten partnerships are on record, tiered core, flagship and minor.

• DB Systemtechnik GmbHcoreStrategic or Co-development Partner · 24 June 2026Letter of Intent signed for innovation and research partnership focused on green hydrogen solutions for rail, bus, truck fleets and railway infrastructure. Initial FEED study to assess technical configuration and commercial framework for deploying ITM's electrolyser technology at Deutsche Bahn sites. Builds on agreement signed March 2025.
• Protium Green SolutionscoreStrategic or Co-development Partner · 3 June 2026Strategic partnership to develop, invest in, and operate industrial-scale green hydrogen production plants across UK. Initial focus on Cromarty Hydrogen Project in Scotland (15 MW electrolyser, 7 tonnes H2/day). FID targeted December 2026. Flexible framework includes equipment supply, investment, and potential acquisition via ITM's Hydropulse subsidiary.
• Rheinmetall AGflagshipStrategic or Co-development Partner · 17 April 2026Strategic collaboration for Giga PtX project to deploy several hundred decentralised synthetic fuel production plants for NATO armed forces across Europe. Each facility up to 50 MW electrolysis capacity producing 5,000-7,000 tonnes e-fuel annually. Initial focus on UK. Combines Rheinmetall's Power-to-X expertise with ITM's electrolyser technology for defence energy resilience and sovereign fuel capability.
• Stablegrid GroupcoreTechnology or Integration · 21 November 2025Contract to supply electrolyser technology for two German grid-stabilisation projects totalling 710 MW. Includes 30 MW green hydrogen facility in Rüstringen and 680 MW indoor electrolyser installation using 'Netzbrücke' grid bridge predispatch system to reduce Germany's annual redispatch costs.
• RWEcoreChannel Partner/ Reseller/ Distributor · 22 September 2025150 MW capacity reservation agreement for 30 NEPTUNE V hydrogen units with call-offs expected by 2027. Builds on prior 4MW pilot plant operation and engagement with GET H2 Nukleus project (200 MW delivered).
• Eternal PowerminorStrategic or Co-development Partner · 6 July 2025Hydropulse partnership with Eternal Power to fast-track green hydrogen for German industrial customers. Addresses German market through build-own-operate model.
• UnipercoreChannel Partner/ Reseller/ Distributor · 6 July 2025Selected supplier for Uniper's 120MW Humber H2ub project. Extended deal to Humber H2ub FEED contract. Represents major UK project for industrial hydrogen deployment.
• Linde EngineeringcoreStrategic or Co-development Partner50% ownership of ITM Linde Electrolysis GmbH joint venture. Linde provides engineering, procurement and construction services for installation of ITM PEM electrolysers. Major projects include REFHYNE (Shell) and RWE Lingen. Key strategic relationship for market access and project delivery.
• Vitol (via Motive Fuels)minorStrategic or Co-development Partner50% ownership of Motive Fuels Limited joint venture with Vitol, focused on development and roll-out of green hydrogen refuelling stations. Provides access to energy trading and infrastructure expertise.
• SnamminorStrategic or Co-development PartnerStrategic partnership for hydrogen infrastructure development. One of several strategic partnerships including Linde, Shell, Snam and Vitol to scale industrial reach and market penetration.

Scale indicators10 records

Recent moves12 records

Expansion highlights3 records

Direct peers

• Nel ASA: Norwegian-headquartered manufacturer of both PEM and alkaline electrolysers — the closest direct PEM competitor to ITM Power, serving the same industrial and utility-scale green hydrogen customers across Europe and the US.
• Plug Power: US-based PEM electrolyser and fuel cell company focused on green hydrogen production and end-use applications — competes with ITM in PEM stack manufacturing and increasingly in turnkey hydrogen solutions for industrial customers.
• Cummins (Accelera by Cummins): Cummins' Accelera business manufactures PEM electrolysers (including HyLYZER product line) for utility and industrial green hydrogen projects, competing directly with ITM's TRIDENT-based systems in North American and European markets.
• Thyssenkrupp Nucera: German-listed electrolyser specialist offering alkaline water electrolysis at gigawatt scale for industrial green hydrogen — ITM's principal European competitor in the >100 MW project tier, with overlapping customers in steel, chemicals, and refining.
• Sunfire: Germany-based manufacturer of high-temperature solid oxide electrolyser cells (SOEC) for green hydrogen — competes with ITM in industrial decarbonisation projects, particularly in Germany, with a different but increasingly cost-competitive technology pathway.
• John Cockerill: Belgian engineering group with a hydrogen business offering alkaline and PEM electrolysers for industrial-scale projects — overlaps with ITM in European utility and industrial customer segments and is a co-member of the Electrolysers for Europe coalition.
• Topsoe: Danish catalysis and SOEC electrolyser developer targeting industrial-scale green hydrogen — competing technology pathway to ITM's PEM stacks, particularly in refining, ammonia, and methanol decarbonisation use cases.
• McPhy Energy: France-based electrolyser manufacturer offering both alkaline and PEM systems for industrial and mobility applications — competes with ITM in the European mid-scale (1–20 MW) green hydrogen plant tier with similar target customers.

Broad incumbents

• Linde Engineering: Global industrial gases and engineering EPC major — ITM's JV partner (50% ITM Linde Electrolysis) and a major competitor as a turnkey hydrogen project integrator. Linde's 14.46% stake in ITM makes the relationship simultaneously collaborative and competitive.
• Air Liquide: Global industrial gases major with a growing electrolyser manufacturing and hydrogen production footprint — competes with ITM for large industrial offtaker contracts and is a co-member of the Hydrogen Council.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ITMPowerPlc
• Facebookfacebook.com/113334372043763
• LinkedInlinkedin.com/company/itm-power

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries5 records

Funding overview

Funding rounds12 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ITM Power