£86.5 million equity and grant package for Chronos from the UK government

We are delighted to announce that we have secured an investment of £40 million from Great British Energy, a publicly owned company of the UK government.

Furthermore, the Department for Energy Security and Net Zero has confirmed their intent to award us a grant of £46.5 million.

The funds will support the establishment of a new 1 GW automated manufacturing line for our next-generation stack Chronos in the UK.

As part of the award ceremony, we unveiled Chronos for the first time. Chronos, when formally launched, will set a new benchmark in electrolyser performance and cost.

Our current stack platform Trident will remain an important part of our technology suite. We will continue to manufacture and innovate Trident to serve our existing customers and long-term service agreements.

Ed Miliband, 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."

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 centre 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.”

Click here to read the full press release. 

About ITM Power plc

ITM Power designs and manufactures industrial-scale electrolysers for green hydrogen production. Its proprietary PEM technology, vertically integrated manufacturing, and in-house engineering capabilities enable it to supply standardised, high-performance hydrogen plants. 

With a proven track record in large-scale projects, ITM Power helps leading industrial and energy companies achieve their decarbonisation goals. In addition to its equipment offering, the company provides reliable and cost-competitive hydrogen supply through its build, own and operate (BOO) model, Hydropulse. 

Headquartered in the UK, ITM Power is listed on the London Stock Exchange AIM (LSE: ITM) and holds the Green Economy Mark, which recognises companies that generate over 50% of their revenues from green products and services.