ITM Power: State-Funded Gigafactory and Deutsche Bahn FEED Study Converge as Shares Tumble
Veröffentlicht: 26.06.2026 um 17:46 Uhr, Redaktion boerse-global.de
The British electrolyser manufacturer ITM Power has entered a period of intense activity, with a £86.5m state-backed financing package and a new rail-sector partnership landing just as its shares shed more than two-fifths of their value in a single month. The stock, which recently traded at around €1.27, now sits 51% below the 52-week high of €2.58 set on 29 May 2026, underlining the extreme volatility that has come to define the hydrogen sector.
Great British Energy, the UK sovereign investment vehicle, is injecting £40m of equity into the Sheffield-based company, making the British government a sizeable shareholder. Alongside that, the Department for Energy Security and Net Zero (DESNZ) has pledged £46.5m in grant funding. The money is earmarked for a new gigafactory in Sheffield capable of producing one gigawatt of electrolyser capacity annually, using ITM Power’s next-generation Chronos technology. That platform relies on automated production lines and fewer components to cut manufacturing costs, a critical advantage in a global green hydrogen market that is acutely price-sensitive.
Parallel to the state funding, ITM Power signed a memorandum of understanding with DB Systemtechnik, a subsidiary of Deutsche Bahn, on 24 June 2026. The two parties will now push ahead with a front-end engineering and design (FEED) feasibility study to assess how ITM’s electrolysers can be integrated at specific Deutsche Bahn sites. The goal is to produce green hydrogen to power trains, buses and lorries, building on a framework agreement first struck in March 2025. Although the MoU is a strategic milestone, no financial terms or timelines have been disclosed, and binding orders for electrolyser systems have yet to materialise.
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On the same day, the company also appointed Oleg Williamson as a non-executive director. Williamson, who brings corporate finance expertise from his time at industrial gas giant Linde, took up his role on 24 June 2026.
The market’s reaction to these developments has been cautious. Shares briefly edged up to €1.30 on the rail announcement before settling at €1.27, and the relative strength index stands at 35.3 – close to oversold territory. Despite the recent rout, the stock remains nearly 22% above its 200-day moving average and still carries a year-to-date gain of around 75%. ITM Power’s balance sheet offers a degree of resilience: cash holdings recently stood at roughly £198m.
Investors now face two near-term catalysts. The final decision on the £46.5m DESNZ grant is expected before the end of June 2026, after which ITM Power will lock in the timeline for its Sheffield gigafactory. On the rail front, the FEED study must select concrete sites before commercial orders can flow. Until those binding contracts are signed, the market is waiting – and watching.
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