ITM Power: A Pivotal Week of Government Cash, Board Moves, and Rail Research as Short Sellers Dig In
26.06.2026 - 22:35:02 | boerse-global.de
The British government placed a ÂŁ40m bet on ITM Power just as the hydrogen-equipment maker saw its stock halve in a month, a striking display of faith in a company that remains firmly in the crosshairs of institutional short sellers. Great British Energy, the state investment fund, took a direct equity stake of 40 million pounds, making the UK government a significant shareholder. On top of that, the Department for Energy Security and Net Zero (DESNZ) pledged a further 46.5 million pounds in grant funding to build a new gigafactory in Sheffield.
The grant, which still requires final sign-off, is earmarked for the so-called Chronos project — a next-generation electrolyser production line designed to slash manufacturing costs through automation and fewer components. A decision is expected before the end of June 2026, after which ITM Power can lock in the timeline for the one-gigawatt facility. The company’s cash position, last reported at roughly £198m, already provides a solid cushion.
Hours after the funding package was announced on 24 June, ITM Power signed a letter of intent with DB Systemtechnik, a subsidiary of Deutsche Bahn. The partnership calls for a front-end engineering design study to assess how ITM’s electrolysers could produce green hydrogen for trains, buses, and trucks across the German rail operator’s network, as well as power its infrastructure. The move builds on a framework agreement struck in March 2025, but remains a non-binding R&D arrangement with no purchase orders or revenue attached.
The same day brought a board change: Oleg Williamson, a former Linde executive with deep corporate finance experience, joined as non-executive director. His appointment adds a seasoned voice to a board that must navigate both the technological promise of Chronos and the immediate pressure from the share price rout.
Should investors sell immediately? Or is it worth buying ITM Power?
The stock last changed hands at €1.27 in London, having briefly touched €1.30 earlier in the session — a 2% daily gain that did little to reverse a month-long slide. That leaves it 51% below the 52-week high of €2.58 reached on 29 May 2026. On a year-to-date basis, the shares are still up roughly 75%, a reflection of the phenomenal rise earlier in the year.
With the 50-day moving average at €1.75 — more than 26% above the current price — the chart remains bearish in the near term. The relative strength index has fallen to 35.3, approaching the classic oversold threshold, and the annualised 30-day volatility stands at nearly 100%, underlining the extreme swings. The 200-day moving average at €1.04 offers a technical floor further below.
Two short sellers are keeping the pressure on. Helikon Investments holds a disclosed short position of 0.83%, last updated on 27 May, while Voleon Capital Management confirmed 0.77% as recently as 10 June. Neither has shown signs of covering, suggesting institutional conviction that the stock has further to fall.
ITM Power at a turning point? This analysis reveals what investors need to know now.
The bull case rests on two catalysts: the Chronos gigafactory grant and a possible breakthrough in the DB Systemtechnik study. But both are months, if not years, away from generating revenue. Until the R&D translates into binding orders, the bears — armed with fresh short positions and a 40% monthly decline — appear to hold the upper hand.
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ITM Power Stock: New Analysis - 26 June
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