Hydrogen technology specialist ITM Power has secured financial backing from UK Government bodies
An existing small-scale ITM Power electrolyser module.
Hydrogen technology firm ITM Power has secured more than £86m in backing from Government bodies.
The Sheffield-based manufacturer of electrolysers, which produce green hydrogen, has confirmed that publicly-owned Great British Energy has invested £40m through a subscription to ITM shares. The company has also received notification that the Department for Energy Security and Net Zero intends to award a £46.5m grant.
The funding will support ITM’s drive to manufacture its next-generation Chronos electrolyser stack technology – a development expected to generate hundreds of jobs. ITM intends to establish a large-scale, automated manufacturing facility in the UK with an annual capacity of 1GW for Chronos, which it reports has already attracted strong orders.
Dennis Schulz, CEO of ITM Power, said: “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.”
Energy Secretary Ed Miliband stated: “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.”, reports Business Live.
“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.”
Chancellor Rachel Reeves remarked: “Sheffield was the backbone of Britain’s industrial revolution, and today shows our commitment to it being at the forefront of the industries that will shape our future. We have the right economic plan.
“We are backing skilled jobs, regional growth and British manufacturing – benefiting the people of Sheffield and strengthening the country’s economy.” Dan McGrail, CEO of Great British Energy, stated: “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.”
ITM also updated its FY2026 cash forecast from £170m–£175m ($227.8m–$234.5m) to £210m–£215m ($281.4m–$288m).
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