3 June 2026

ITM Power plc

Strategic Partnership with Protium for UK green hydrogen projects

Protium Green Solutions Ltd ("Protium") and ITM Power have formalised a strategic partnership to develop, invest in, and operate industrial-scale green hydrogen production plants across the UK, with an immediate focus on advancing the Cromarty Project in Scotland.

The collaboration establishes a flexible framework to support the expansion of the domestic green energy supply chain within the UK economy. Under the new agreement, the companies are collectively exploring a range of deployment models for future UK projects, with a particular focus on Protium's portfolio of Hydrogen Allocation Round (HAR) projects.

The companies are evaluating multiple avenues for collaboration, potentially including via Hydropulse, ITM Power's build-own-operate subsidiary designed to deliver containerised green hydrogen plants, as well as options for Protium to directly acquire ITM's market-leading electrolysis assets. This parallel tracking allows both parties to undertake rigorous commercial due diligence to ensure optimal project delivery, technical alignment, and value for money.

The first area of collaboration being actively explored under this framework is the flagship Cromarty Hydrogen Project in the Scottish Highlands. Recently acquired by Protium, the project successfully secured government-backed funding through Hydrogen Allocation Round 1 (HAR1).

Cromarty, with 15 MW electrolyser capacity, will produce circa 7 tonnes of green hydrogen per day at peak output. The project will provide a localised, reliable energy source to decarbonise regional sectors, targeting a mixture of heavy industrial heat and power customers, many of whom are currently off the national gas grid. Phase 1 of the Cromarty project alone is estimated to create approximately 30 highly skilled local jobs and apprenticeships within the region.

As the primary project developer, Protium will lead power procurement, permitting, downstream infrastructure, and hydrogen distribution. A Final Investment Decision (FID) for the Cromarty project is currently targeted for December 2026.

Dennis Schulz, CEO of ITM Power, said: "By working alongside Protium in a framework ranging from equipment supply to investment, we are bringing together our complementary expertise. Together, we can deliver highly competitive hydrogen with strong long-term economics and help accelerate the UK hydrogen market."

Christopher Jackson, CEO and Founder of Protium, said: "This partnership between Protium and ITM Power brings two of the UK's best-in-class hydrogen businesses together to deliver a truly unbeatable proposition for customers. Reliability, affordability and scalability with no compromises and no carbon emissions. This is how we move the UK hydrogen economy from concept to reality."

For further information, please visit www.itm-power.com or contact:

About ITM Power plc:

ITM Power designs and manufactures industrial-scale electrolysers for green hydrogen production. Its proprietary PEM technology, vertically integrated manufacturing, and in-house engineering capabilities enable it to supply standardised, high-performance hydrogen plants.

With a proven track record in large-scale projects, ITM Power helps leading industrial and energy companies achieve their decarbonisation goals. In addition to its equipment offering, the company provides reliable and cost-competitive hydrogen supply through its build, own and operate (BOO) model, Hydropulse.

Headquartered in the UK, ITM Power is listed on the London Stock Exchange AIM (LSE: ITM) and holds the Green Economy Mark, which recognises companies that generate over 50% of their revenues from green products and services.

About Protium:

Protium is a green hydrogen company. Its end-to-end solutions help businesses decarbonise reliably, affordably and safely by replacing fossil fuels across construction, manufacturing, transport and operations.   

By pioneering the scale-up and adoption of green hydrogen and its derivatives in the UK, Protium delivers practical hydrogen solutions that work today, spanning production, distribution and on-site deployment, supported by expert guidance from technical services to commercial development, to enable a confident transition to a cleaner, more resilient energy future.