ITM Power’s funding backdrop is improving, but investors still want proof
Published on 07/17/2026 at 04:00 | Redaktion boerse-global.de
ITM Power now has something many clean-energy peers are still chasing: money is arriving, capacity is being built and the order book is expanding. The harder question is whether that is enough to turn a volatile hydrogen story into a consistently profitable business. For the market, the answer has not yet arrived.
The shares were last quoted at EUR 1.23 in one source and EUR 1.24 in the other, after sliding 13.33% and nearly 15% over the past 30 days respectively. Even so, the stock remains well ahead over 12 months, up by around 70%. Since their February low, the shares have more than doubled, but they are also now clearly below their recent highs.
Fresh government support has helped underpin the company’s industrial push. On 9 July, the UK Department for Energy awarded GBP 46.5 million to ITM’s Chronos manufacturing line in Sheffield, which is expected to produce 1 gigawatt of electrolyser capacity a year. That followed an April commitment from Great British Energy worth GBP 40 million.
The bigger strategic shift is happening in how ITM wants to win business. After years of losses and operational setbacks, the company is moving away from bespoke projects and toward standardised multi-hundred-megawatt systems that can be delivered more efficiently. Management is also leaning on greater automation in production, tighter cost control and a preference for orders that can make money rather than simply add headline volume.
Should investors sell immediately? Or is it worth buying ITM Power?
There are early signs that the reset is working. ITM reported a record half-year revenue figure of GBP 18 million, alongside a much smaller gross loss. Its order book reached GBP 152 million, and a significant portion of that pipeline is now considered profitable. A partnership with Protium is part of the same plan: speed up development of green hydrogen projects, reduce dependence on a few large contracts and smooth out factory utilisation.
Still, the market is comparing ITM with rivals that have already delivered more visible milestones. Plug Power, for example, has secured a final investment decision for a 50-megawatt electrolyser project in Australia, a benchmark ITM has not yet matched. Berenberg’s view is more constructive, with a price target of 200 pence, but even that comes with warnings about execution risk as the company scales.
The sector around ITM remains noisy. Capital raises at FuelCell Energy and Ceres Power have weighed on sentiment, while other hydrogen names have been buffeted by investor concerns about dilution, project timing and the need for firm customer commitments. In that setting, ITM’s improved funding base and growing profitable backlog are useful supports — but not yet a substitute for a longer run of delivery.
ITM Power at a turning point? This analysis reveals what investors need to know now.
For now, the company sits between promise and proof. It has the state backing, the manufacturing plan and the partner network. What it still needs is a steadier flow of profitable orders that can keep the business moving without relying on hydrogen optimism alone.
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ITM Power Stock: New Analysis - 17 July
Fresh ITM Power information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
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