ITM Power has secured an investment of £40 MM through a non-pre-emptive subscription by Great British Energy Group Limited (GBE). Furthermore, the company has received a letter from the Department for Energy Security and Net Zero (DESNZ) confirming their intention to award a grant of £46.5 MM.

The subscription and the grant will support the establishment of operational capability to manufacture ITM Power’s next-generation Chronos electrolyzer stack technology.

• The UK government backs ITM Power with a combination of a £40-MM equity investment through GBE and a £46.5-MM grant from DESNZ, which is a vote of confidence in the company’s technology, delivery credibility, and demonstrates the UK government's commitment to promoting the UK's sovereign technology and manufacturing capability in clean energy infrastructure.
• This significant support follows a rigorous technical and commercial due diligence by a third party to assess the effectiveness and likely impact of ITM Power’s next-generation stack platform Chronos.
• The funds will support the establishment of a new large-scale automated manufacturing line in the UK with an annual capacity of 1 GW for its next-generation stack Chronos, underpinned by strong order momentum and growing order backlog over the last 24 months.
• With superior energy efficiency and substantially lower cost, Chronos will help ITM Power to further grow its market share, speed up the industrial adoption of hydrogen, and accelerate the company’s growth and path to profitability.

Dennis Schulz, CEO of ITM Power, commented: "We are grateful for the confidence and support demonstrated by the UK government. Clean power increasingly underpins energy sovereignty and resilience, which are critical to long-term economic success against a backdrop of recent geopolitical instability. The UK government's support, through a combination of equity participation and grant funding, marks a pivotal step in establishing ITM Power at the center of the UK's hydrogen economy and firmly positions us as a natural partner for projects in the UK. The funds will enable the build-out of large-scale domestic manufacturing of our next-generation Chronos platform, underpinning confidence in our technology and sustained growth."

Ed Milliband, Energy Secretary, said, "This investment is the Government's clean energy mission in action - rebuilding our energy security with clean homegrown power and good industrial jobs for South Yorkshire. Communities have long been calling out for a new generation of good industrial jobs, and with these plans we answer that call, helping to create an economy in which there is no need to leave your hometown just to find a decent job. Thanks to this government's commitment to clean energy, a generation of young people in our industrial heartlands can have well-paid secure jobs.

 

This has only happened thanks to months of intense collaboration between Great British Energy, our publicly owned energy company, the government and ITM Power. It is time to make and build things in Britain again, and with this Government's clean energy mission, we will."

Dan McGrail, CEO of Great British Energy, said, "With this investment Great British Energy is backing British innovation, technology and hundreds of skilled jobs.  This is our Energy Engineered in the UK strategy in action. We are investing in ITM Power, helping them to scale, compete globally and keep vital engineering expertise here in the UK."