ITM Power PLC is a UK-based public company that designs and manufactures proton exchange membrane (PEM) electrolysers to produce green hydrogen from renewable electricity and water. Its modular systems serve industrial processes, energy, and transport applications, with deployments across Europe, North America and other markets as part of the global shift to low‑carbon hydrogen.
306
Employees
$33.4
Annual revenue (FY2024)
10
Countries
Main activities
Design and manufacture of proton exchange membrane (PEM) electrolysers for green hydrogen production
Engineering, integration and delivery of turnkey green hydrogen plants for industrial, energy and mobility applications
After‑sales services including maintenance, spare parts, remote monitoring and performance optimisation for electrolyser fleets
R&D and product development focused on high‑efficiency PEM stacks and modular large‑scale electrolyser platforms
Collaboration with utilities, industrial gas companies and OEMs on green hydrogen projects and demonstration plants
United KingdomGermanyUnited StatesAustraliaAustriaNetherlandsFranceItalySpainNorway
🎯 Dedicated PEM electrolyser pure-play
ITM Power is a specialist in PEM electrolysers that enable green hydrogen production using renewable electricity and water, targeting industrial, energy and mobility sectors.[2][3][8] The company has shifted from early hydrogen refuelling station projects toward standardized 2–20 MW modules for large-scale industrial decarbonisation.[2][6] ITM’s systems can feed hydrogen into refining, fertilizer, steel, power and synthetic fuel value chains but it does not currently position itself as an ammonia technology or project developer.[2][4]
Products
TRIDENTdraft(PEM electrolyser stack technology) — Core high‑performance PEM stack platform used across ITM’s product range.[1]
NEPTUNEdraft(2 MW modular PEM electrolyser)since 2023 — Standardised 2 MW plug‑and‑play module expected to drive revenues from 2023 onward.[2][1]
POSEIDONdraft(20 MW PEM electrolysis process module) — Large‑scale 20 MW module designed for industrial and utility‑scale projects.[1]
Bessemer Park PEM electrolysers (various ratings)(Factory‑built PEM electrolyser skids)since 2021 — Produced at ITM’s Sheffield gigafactory to supply global green hydrogen projects.[2][6]
Partnerships
Linde Engineeringsince 2019 — Strategic collaboration on development and delivery of large‑scale green hydrogen plants using ITM PEM electrolysers
Various European industrial and energy customerssince 2020 — Deployment of PEM electrolysers for industrial feedstock hydrogen, power‑to‑gas and mobility projects across Europe
Renewable power developers and utilitiessince 2020 — Coupling PEM electrolysers to wind and solar assets for grid balancing and green hydrogen production
Investments
Manufacturing capacity at Bessemer Park, Sheffield(2021) — Funded via multiple equity raises totalling over £480m between 2019 and 2021 to scale PEM electrolyser production.[7][6]
Facilities of note
Bessemer Park Gigafactorydraft(GB) — High‑volume manufacturing of PEM electrolyser stacks and modules for global green hydrogen projects.[2][8]
Germany Service and Projects Hub(DE) — Customer service and project support centre for European electrolyser deployments.[2]
Recent milestones
2023 — Launch and commercialisation focus on NEPTUNE 2 MW plug‑and‑play PEM electrolyser units to drive revenue growth.[2]
2023-2024 — Implemented strategy to narrow focus on standardised PEM products and disciplined project selection, moving away from bespoke hydrogen refuelling projects.[6]
2024 — Reported FY2024 revenues of approximately $33.4m (~£26.4m) as PEM electrolyser shipments and after‑sales services scale.[2]
2024 — Continued optimisation of Bessemer Park manufacturing operations to improve productivity and reduce unit costs for large‑scale PEM systems.[6]
Controversies & critiques
The company has faced criticism from some investors over historical project delays, cost overruns and the need for repeated equity raises to fund capacity and restructuring before achieving sustainable profitability.[6][9]
Outlook (12-24 months)
ITM Power is positioned as a focused PEM electrolyser manufacturer aiming to capture growth in industrial and utility‑scale green hydrogen projects, particularly in Europe.[2][6] Near‑term priorities include improving manufacturing efficiency, executing a smaller number of standardised projects reliably and converting its pipeline into revenue while demonstrating progress toward profitability.[6] As demand for green hydrogen in refining, fertilizer and heavy industry solidifies, ITM’s success will depend on cost reductions, project delivery performance and continued alignment with large partners and offtakers.
Subsidiaries
ITM Power (Trading) Ltd(GB) — Operating subsidiary for commercial trading and project delivery
Competitors
Nel ASA(NO) — Competes in PEM and alkaline electrolyser systems for green hydrogen
McPhy Energy(FR) — European electrolyser manufacturer targeting similar industrial and energy markets
Cummins (Hydrogenics)(US) — Global provider of PEM and alkaline electrolysers and hydrogen solutions
Siemens Energy(DE) — Offers large-scale PEM electrolysers for industrial and power applications
Plug Power(US) — Develops PEM electrolyser systems and integrated green hydrogen plants
ITM Power is a UK-based clean-tech manufacturer founded in 2001 and headquartered in Sheffield, specialising in PEM electrolysers that use renewable electricity to split water into hydrogen and oxygen.[1] The company has historically focused on demonstration projects and smaller manufacturing but has been repositioning
UK-based company listed on London Stock Exchange AIM, headquartered in Sheffield. Founded in 2001, focuses on electrolysis for hydrogen production. Recently secured £86.5m to scale UK electrolyser production. CEO Dennis Schulz emphasized aligning energy transition with national security in this partnership[2][3][5].
Sheffield-based company founded in 2001, specializing in proton exchange membrane (PEM) electrolysers. Recently upgraded FY26 cash guidance to £210-215 million due to order momentum and this investment. Shares rose 11-14% following announcement[1][2].
ITM Power was granted approval to supply electrolysers for a 20 MW green hydrogen project, demonstrating international participation in Spain's hydrogen infrastructure development.
Founded in 2001, ITM Power is recognized for its innovations in electrolyser technology, particularly in the scalable production of green hydrogen via PEM electrolysis. In 2024, ITM Power launched the modular 50MW Alpha 50 PEM electrolyser and has maintained partnerships across the energy sector, including collaborativ
ITM Power supplies PEM electrolyser technology, notably the Neptune V containerised system. The company is strengthening its commercial pipeline, having recorded significant increases in order backlog, and focusing on larger, more profitable deployments with global partners such as RWE.[1][2][3][4]
Founded in 2000 and listed on the AIM market in 2004, ITM Power is headquartered in Sheffield and recognized for its role in developing scalable green hydrogen solutions. The company is now supplying its POSEIDON 20MW modular electrolyser platform for the West Wales Hydrogen Project, reinforcing its leadership in the U
Founded in 2000 and based in Sheffield, England, ITM Power is a pioneer in the green hydrogen sector. Listed on AIM since 2004, ITM is recognized for developing PEM electrolysis technology to produce green hydrogen from renewable electricity and water, aiming to decarbonize energy and industrial sectors.[4]
ITM Power is noted as a company that, like Nel ASA, is likely interested in the assets and customer base of companies facing difficulties in the electrolyser market.
ITM Power has secured a significant contract to supply PEM electrolysers for a green hydrogen project in the Asia-Pacific region, marking a major win after a period of restructuring.
ITM Power manufactured the electrolyzer used in the initial REFHYNE project, indicating their role in providing key technology for green hydrogen production.
This UK-based company develops integrated hydrogen energy solutions and is committed to nurturing new talent through graduate programs and internships.
Operator of the hydrogen fueling station at Rainham, Essex (ITM/MOTIVE site) where First Hydrogen's demonstrator vehicles completed 700 bar pressure fueling.
British firm based in Sheffield that manufactures electrolyzers for producing green hydrogen from water. The company predicts green hydrogen will become more cost-effective than natural gas.
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