ITM Power Plc designs, manufactures and integrates electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen using renewable electricity and water; core products include the NEPTUNE II (2 MW autonomous plug-and-play unit), NEPTUNE V (5 MW containerised plant), POSEIDON (20 MW module), TRIDENT stack platform and the full-scope ALPHA 50 (50 MW green hydrogen plant), serving applications in power-to-X, mobility, industry, grid balancing, energy storage, clean fuels and sectors such as steel, cement, chemicals, aviation and shipping. Founded in 2000 and headquartered in Sheffield, UK, the company operates its largest electrolyser factory there alongside additional Sheffield sites and a customer service facility in Germany, with projects deployed primarily in Europe including the UK, Norway, Germany and Spain, and expanding into APAC. Recent developments encompass a capacity reservation agreement with RWE for 150 MW of NEPTUNE V units following the GetH2 Nukleus project; selection by Stablegrid Group for 710 MW of grid-balancing projects in Germany including a 30 MW NEPTUNE V plant and 680 MW indoor capacity; contracts for REFHYNE II 100 MW with Shell, three NEPTUNE V units totalling 40 MW, POSEIDON for MorGen Energy's 20 MW West Wales project, a NEPTUNE II unit for a Spanish cement producer and FEED studies totalling 180 MW; inauguration of a 24 MW plant for Yara in Norway and commissioning of a 4 MW RWE pilot in Germany; launch of Hydropulse in June 2025 as a build-own-operate model for decentralised plants using NEPTUNE technology; board changes including new CFO Amy Grey, Non-Executive Directors Sir Warren East and John Howarth, and incoming Chair Jürgen Nowicki effective January 2026; and revenue growth to £26 million for FY25 ended April 2025 with a £145 million order backlog.