Business
GB Energy 40m investment and DESNZ 46.5m grant
ITM Power plc has secured a significant £40 million investment from Great British Energy and a £46.5 million grant from the Department for Energy Security and Net Zero to establish a 1 GW Chronos electrolyser manufacturing line in the UK. This funding will support the development and operational capability for their next-generation Chronos technology, which promises superior energy efficiency and lower costs. The company has also improved its FY26 cash guidance to between £210 million and £215 million, reflecting the proceeds from the investment. The grant is subject to subsidy control scrutiny, with an expected conclusion in June 2026. Disclaimer*
About this update from Itm Power Plc
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (AS IT FORMS PART OF THE LAWS OF THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED FROM TIME TO TIME) (UK MAR), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF UK MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, SUCH INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. 9 April 2026 ITM Power plc £40 million strategic investment by Great British Energy and £46.5 million grant from DESNZ to enable a 1 GW Chronos manufacturing line in the UK ITM Power is pleased to announce that we have secured an investment of £40 million through a non-pre-emptive subscription (the "Subscription") by Great British Energy Group Limited ("GBE"). Furthermore, we have received a letter from the Department for Energy Security and Net Zero ("DESNZ") confirming their intention to award us a grant of £46.5 million (the "Grant")*. The Subscription and the Grant will support the establishment of operational capability to manufacture our next-generation Chronos electrolyser stack technology (the "Project"). Highlights · The UK government backs ITM Power with a combination of a £40m equity investment through GBE and a £46.5m grant from DESNZ*, which is a vote of confidence in our technology, delivery credibility, and demonstrates the UK government's commitment to promoting the UK's sovereign technology and manufacturing capability in clean energy infrastructure. · This significant support follows a rigorous technical and commercial due diligence by a third party to assess the effectiveness and likely impact of our next-generation stack platform Chronos. · The funds will support the establishment of a new large-scale automated manufacturing line in the UK with an annual capacity of 1 GW for our next-generation stack Chronos, underpinned by strong order momentum and growing order backlog over the last 24 months. · With superior energy efficiency and substantially lower cost, Chronos will help us to further grow our market share, speed up the industrial adoption of hydrogen, and accelerate our growth and path to profitability. · &nbs...