The first molecules of green hydrogen produced by ITM Power’s electrolysers in Lingen have now travelled 120 kilometres through a pipeline to reach Evonik’s chemical park in Marl. The delivery marks the moment the GET H2 Nukleus project — one of Europe’s largest hydrogen initiatives — moves from blueprint to working reality.
The British electrolyser maker, working alongside Linde Engineering, has installed two 100-megawatt PEM units at the site, with a third alkaline electrolyser from Sunfire adding a further 100 megawatts. That puts the total project on course for 300 megawatts of capacity, though only the first 100-megawatt stage of ITM’s technology is currently in operation. The ramp-up to the full 200 megawatts from ITM’s equipment is already underway, with completion targeted for the end of 2026 and the final expansion stage scheduled for 2027.
CEO Dennis Schulz called the delivery a “landmark achievement,” framing it as proof that PEM electrolysis can function at genuinely industrial scale. The project has drawn €619 million in support from the German federal government and the state of Lower Saxony. Once fully operational, the site is expected to produce up to 49,000 tonnes of green hydrogen annually, with the output certified under the EU’s RFNBO rules — meaning it can be marketed as a fully renewable fuel.
A second anchor customer changes the picture
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Beyond the immediate supply to Evonik, RWE has already locked in another major off-taker. From 2030, the TotalEnergies refinery in Leuna is contracted to receive 30,000 tonnes of hydrogen per year over a 15-year period. The hydrogen will move through a multi-operator pipeline network that is also slated to connect to a planned cavern storage facility in Gronau-Epe.
For ITM Power, Lingen carries strategic weight beyond any single contract. The project functions as a reference installation, demonstrating to prospective customers that the company’s PEM platform can scale. The pipeline infrastructure now taking shape in northwest Germany gives the company a tangible story about industrial hydrogen adoption — not just a slide deck.
That narrative matters because the company’s financials remain a work in progress. ITM Power continues to post operating losses, though management stresses that debt levels are comparatively low. The Lingen milestone is therefore more of a signal about the order book and technological maturity than a near-term earnings event.
The market’s muted applause
Investors gave the news a modest reception. The stock rose 2.69 percent to €1.22 on the day of the announcement — a positive move, but one that barely registers against the recent sell-off. The shares had lost 16.46 percent over the preceding 30 days, and despite trading roughly 11 percent above their 200-day average, they remain a long way from the 52-week high of €2.58 reached in May.
That high now sits 52.17 percent above the current price, a gap that underscores how far sentiment has swung. Still, the year-to-date picture is far from bleak: the stock is up 70.42 percent since January, buoyed by earlier financing wins and strategic partnerships.
Fresh capital backs the next generation
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The operational progress in Lingen lands on a firmer financial footing than was the case just months ago. ITM Power recently secured a £46.5 million grant from the UK’s Department for Energy Security and Net Zero, alongside a £40 million equity injection from Great British Energy, which now holds a 10.4 percent stake in the company.
That capital is earmarked for industrialising the company’s next-generation “Chronos” electrolyser platform, which aims to cut production costs by roughly 40 percent while improving energy efficiency. The strategy is straightforward: prove the technology at scale in Germany, then drive down costs to make the economics work elsewhere.
Investors will get a clearer read on progress when ITM Power reports results for the fiscal year ending April 2026, expected in August. The key questions are familiar ones: how quickly the company is burning through cash, and how much of its £152 million order book converts into actual revenue. The Lingen delivery answers one question — the technology works. The rest remains to be proven in the numbers.
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