ITM Power: The Bounce That Rests on Unsigned Contracts
20.06.2026 - 14:25:42 | boerse-global.de
ITM Power ended the week with a 5.67% pop to €1.53 on Friday, but the rally rests on a partnership that has yet to translate into hard orders. The Sheffield-based electrolyser maker announced a strategic tie-up with Protium Green Solutions earlier this month, aimed at building green hydrogen infrastructure in the UK. The market grabbed the news and ran, but the only concrete milestone so far is the Cromarty project in Scotland — a 15-megawatt electrolyser capable of producing seven tonnes of green hydrogen per day. A final investment decision there isn't expected until December 2026.
Friday's move pushed the stock to a weekly gain of 3.17%, but the short-term picture remains shaky. Over the past 30 days, ITM Power has lost 13% of its value. The 50-day moving average of €1.72 sits almost 11% above the current price, acting as technical resistance, while the 200-day average of €1.03 is far below — the stock trades nearly 50% above that longer-term line. The relative strength index of 43.6 suggests neutral momentum, not oversold territory. The annualised 30-day volatility of almost 98% underlines how quickly sentiment can shift in this corner of the market.
The longer view tells a different story. Since the start of the year, the shares have more than doubled, notching a gain of 110%. The 52-week high of €2.58, set in late May, still sits 41% above Friday's close. That gap is a reminder of how far the stock has fallen from its recent peak, and how much ground must be reclaimed to reignite the bull case.
Should investors sell immediately? Or is it worth buying ITM Power?
Investor patience, however, is wearing thin. The Protium partnership was announced on 3 June and the Cromarty project is the sole clearly named development. No revenue or binding contracts have followed. The broader sector has seen real operational setbacks: Clean Power Hydrogen suspended trading on the AIM exchange this week after an incident at its MFE220 electrolyser, a warning that production risks remain very real. Meanwhile, competitors such as Plug Power are financing US activities by selling $44 million in tax credits, while European Energy won a €228 million German hydrogen tender and Lhyfe signed a cooperation deal with STRABAG. ITM Power is betting on a home-market strategy, but the market is demanding concrete project wins, not just memorandums of understanding.
For now, the stock's ability to hold above €1.50 is the immediate test. If the Cromarty project reaches a positive FID in two and a half years, the bullish narrative will have real propulsion. Until then, Friday's bounce looks more like a reflex than a reversal.
Ad
ITM Power Stock: New Analysis - 20 June
Fresh ITM Power information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
