ITM Power
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.
- Company typePublic
- Founded2000
- HeadquartersSheffield, United Kingdom
- Headcount251–500
- GTM typeB2B
- OfferingHardware or Manufacturing
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.
ITM Power firmographics
Firmographics- 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
ITM Power industry classification
Industry- Product category
- Green Hydrogen Equipment
- NAICS
- Electrical Equipment Manufacturing (3353), Electric Power Generation (22111)
- SIC
- Electronic & Other Electrical Equipment (No Computer Equip) (3600), Electrical Industrial Apparatus (3620)
- akta.pro primary industry
- Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems) (IMAGAHAM)
- akta.pro secondary industries
- Hydrogen (Industrial & Mobility) (IMAEACAB), Hydrogen Production Supply & Offtake (Green/Blue H2) for Utility Blending (EUAJAJAF)
Keywords
Where ITM Power is headquartered
LocationHeadquarters
- HQ city
- Sheffield
- HQ country
- United Kingdom
- HQ region
- Europe
Offices3 records
Markets served
ITM Power business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Supply Chain, Operations, Personnel, Infrastructure
Revenue model
- 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.
- 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.
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Multi-year contract | NEPTUNE V - 5 MW Plug & Play plant |
| Unit Pricing | Multi-year contract | ALPHA 50 - Full-scope 50 MW plant |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels6 records
ITM Power product offering
Product offeringCore 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
Companies that use ITM Power
Customer profileNamed customers15 records
Segments5 records
Ideal customer profiles4 records
ITM Power technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
ITM Power partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core, flagship and minor.
- DB Systemtechnik GmbHcoreLetter 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 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 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 GroupcoreContract 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.
- RWEcore150 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 PowerminorHydropulse partnership with Eternal Power to fast-track green hydrogen for German industrial customers. Addresses German market through build-own-operate model.
- UnipercoreSelected supplier for Uniper's 120MW Humber H2ub project. Extended deal to Humber H2ub FEED contract. Represents major UK project for industrial hydrogen deployment.
- Linde Engineeringcore50% 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)minor50% 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 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
ITM Power competitors and assessment
Company assessmentDirect 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
ITM Power social profiles
Digital presenceITM Power compliance and trust
Trust signalCompliance4 records
ITM Power financial estimates
Financial estimateRevenue estimate
Valuation estimate
ITM Power leadership team
Management profileNumber of profiles
Profiles13 records
ITM Power subsidiaries and ownership
Company hierarchySubsidiaries5 records
ITM Power funding detail
Funding detailFunding overview
Funding rounds12 records
Investors8 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ITM Power M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ITM Power
What does ITM Power do?
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.
Is ITM Power a public or private company?
ITM Power is a public company. It is classified as public and is currently operating.
When was ITM Power founded?
ITM Power was founded in 2000. It employs 251 to 500 people.
Where is ITM Power based?
ITM Power is headquartered in Sheffield, United Kingdom, in the Europe region.
How does ITM Power make money?
Four revenue lines are on record. Electrolyser Equipment Sales are the primary driver. The others are engineering and Service Contracts, build-Own-Operate (Hydropulse) and joint Venture Revenue (ITM Linde Electrolysis).
Who are ITM Power's main competitors?
Direct peers on record are Nel ASA, Plug Power, Cummins (Accelera by Cummins), Thyssenkrupp Nucera, Sunfire, John Cockerill, Topsoe and McPhy Energy. Broad incumbents are Linde Engineering and Air Liquide.
Does ITM Power have an API?
No public API is recorded for ITM Power.
What industry is ITM Power in?
ITM Power's product category is Green Hydrogen Equipment. Its primary akta.pro industry code is IMAGAHAM, Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems), with a secondary code of IMAEACAB, Hydrogen (Industrial & Mobility). Its NAICS code is 3353 and its SIC code is 3600.