- Business
- ITM Power Plc (LSE: ITM; FSE: IJ8.DE) designs and manufactures proton exchange membrane (PEM) electrolysers for green hydrogen production using renewable electricity and water; its core products include modular containerised systems such as NEPTUNE V (5MW full-scope plants), NEPTUNE II, POSEIDON (20MW core modules), TRIDENT stack platform, ALPHA 50 (world's first full-scope 50MW plant producing 900kg/hr hydrogen at 30 bar), and plug-and-play electrolyser units for industrial, mobility, refining, and grid-balancing applications. Founded in 2000 and headquartered in Sheffield, England, within the world's largest electrolyser factory, the company operates globally across the UK, Germany, Norway, Spain, the US, Australia, and APAC regions, serving energy majors, utilities, and industrial clients including Shell, RWE, Yara, Linde, EDF, Uniper, and Stablegrid Group; it maintains subsidiaries like Hydropulse GmbH, launched in June 2025 as a build-own-operate venture for decentralised hydrogen plants targeting industrial offtake. Recent developments encompass a November 2025 partnership with Stablegrid Group for 710MW grid-balancing projects in Germany (30MW NEPTUNE V FID 2026, 680MW pre-FEED January 2026), REFHYNE II 100MW contract with Shell, 24MW Yara plant inauguration in Norway, 4MW RWE pilot commissioning, three NEPTUNE V contracts totalling 40MW, POSEIDON deal with MorGen Energy, NEPTUNE II supply to a Spanish cement producer and EDF/Hynamics integration, Uniper 120MW FEED selection, APAC 300MW+ supplier role, record £145m order backlog (60% profitable), FY25 revenue of £26m (up 57%), and ongoing CHRONOS stack development with 40% iridium reduction for cost efficiency.