The story
Early years
ITM Power was founded in June 2000 in Saffron Walden, Essex and originally manufactured fuel cells before expanding into electrolysers. In 2004, the company floated on the AIM Market raising £10 million.
2010-2020
Its first sale was an electrolyser for the University of Birmingham, UK. In 2011, ITM Power GmbH, the company's German subsidiary, was incorporated.
The company raised £52 million via a second equity fundraise in 2019. This included a strategic investment of £38 million from Linde plc and the establishment of the joint venture, ITM Linde Electrolysis (ILE), to provide green gas solutions at industrial scale. ILE was incorporated in January 2020.
In 2019, ITM signed a collaboration agreement with Iwatani Corporation of America, a wholly owned subsidiary of Japan's Iwatani Corporation, for the deployment of multi megawatt electrolyser-based hydrogen energy systems in North America.
In 2020, ITM enacted a third fundraise, raising £172 million in equity that included a £30 million investment from Snam S.p.A.
2021
In January the company sold a 24 MW PEM electrolyser unit, the largest in the world, to Linde. The unit will be installed at the Leuna Chemical Complex in Germany. Production is due to start in the second half of 2022.
In March the company marked its first deployment in Japan with the sale of a 1.4 MW electrolyser to Sumitomo Corporation.
August marked the official opening of Bessemer Park in Sheffield. The facility has an electrolyser manufacturing capacity of 1 GW per annum, making it the largest in the world to date.
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In October the company raised £250 million to expand manufacturing capacity to 5 GW per annum by 2024.
2022
Full-year results revealed that annual pre-tax losses almost doubled to £46.7 million on the back of £5.6 million of revenues. The firm admitted that it has scrapped its 5 GW annual capacity target by 2025, now aiming for 1.5 GW per annum by 2023. It also scrapped its previous decision to open a second UK factory in Sheffield. It also announced that its CEO for 13 years, Graham Cooley, would leave once a successor was appointed. In December, Dennis Schulz, joined as CEO, leaving Linde Engineering, a division of Linde plc.
2023
In January ITM signed two contracts, each for the sale of 100 MW of PEM electrolysers to Linde Engineering. ITM expanded its Bessemer Park facility. Strategic collaborations with Mott Corporation, W. L. Gore & Associates and FRIEMwere announced. POSEIDON, ITM's 20MW electrolyser module was launched. ITM sold Motive Fuels Ltd, the hydrogen transport refulling business to investment group HYCAP In November a Hybrid Stack was launched citing a 10% efficiency improvement. In December the company finalised a capacity reservation agreement with Shell Deutschland. The company announced that future production capacity advanced electrolyser stacks would be secured by Shell under the agreement.
2024
ITM launched NEPTUNE V, a containerised 5 MW electrolyser plant in May, and went on to secure its first contract in November for 15 MW due to go to Gutroff in Germany. In March ITM completed the installation of a 2 MW NEPTUNE electrolyser at Tokyo Gas Co Ltd’s Yokohama Techno Station with Sumitomo Corporation. Hygen appointed ITM as a preferred supplier of PEM electrolysers within the UK and across wider Europe. Yara's 24 MW hydrogen plant at Herøya Industrial Park, which utilises ITM's TRIDENT stack platforms, to produce green ammonia was officially inaugurated in June. The REFHYNE I project concluded in June and followed with an announcement of a 100 MW contract being signed with Shell for REFHYNE II ITM announced the results of research into in Iridium reduction, by validating an additional 40% iridium loading reduction whilst maintaining stack performance and longevity.
2025
In January, Amy Grey joined ITM as Chief Financial Officer. She previously worked at Sheffield Forgemasters.
In February, the company sold four NEPTUNE V units to La Française de l’Energie SA.
In March, ITM signed an agreement with Deutsche Bahn AG to collaborate on sustainable transportation and infrastructure
From Wikipedia’s article on ITM Power, shared under CC BY-SA 4.0.5