9 July 2026

ITM Power plc

Award of £46.5m DESNZ Grant

ITM Power is pleased to announce that the grant of £46.5m from the Department for Energy Security and Net Zero ("DESNZ"), which we announced on 9 April 2026, has now been formally awarded.

The grant, together with the £40m equity investment from Great British Energy, provides significant support for the establishment of operational capability to manufacture our next-generation Chronos electrolyser stack. Delivering superior energy efficiency and materially lower cost, Chronos is expected to strengthen our competitive position, expand our addressable market, accelerate the industrial adoption of green hydrogen and support our pathway to sustainable, profitable growth.

The Chronos manufacturing line is planned to be built in our existing Sheffield facilities, leveraging the manufacturing expertise and infrastructure, and building on proven production processes that have been incrementally introduced to the Trident production line over the past years. This approach reduces execution risk while enabling a scalable, high-throughput manufacturing platform.

The project focuses on bespoke, automated production equipment essential for 1 GW of annual production capacity. This includes targeted investment in catalyst-coated membrane production, electrode welding, specialist coating applications, and stack assembly lines, alongside cleanroom infrastructure to support efficient, high-quality manufacturing.

Operational readiness and product quality will be underpinned by the in-house production of modular test systems, together with the acquisition of all required validation materials to enable a robust and efficient manufacturing ramp-up.

Dennis Schulz, CEO, said: "We are delighted that the DESNZ grant has now been formally awarded, enabling us to build our next-generation Chronos manufacturing line in Sheffield. Combined with the strategic equity investment from Great British Energy, this marks a pivotal step in establishing us at the centre of the UK's hydrogen economy and firmly positions us as a natural partner for projects in the UK. Sheffield is recognised as the historic home of steelmaking. We will make it just as famous for hydrogen."

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.