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ITM Power

Hydrogen Economy
Product stageSegments
Growth
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Clean Hydrogen, Next-gen Hydrogen Distribution
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Based in the UK, ITM Power designs and manufactures hydrogen energy solutions based on water electrolysis for energy storage, clean fuel production, and industrial applications. Its product portfolio includes proton exchange membrane (PEM) electrolyzer containers ranging from 600 kilowatts to 100 megawatts, namely, “HGas1SP,” “HGas2SP,” “HGas3SP,” and “HGasXMW.” In November 2023 , the company launched its Hybrid Stack, which is designed for existing customers currently using earlier MEP generation products. The Hybrid Stack is designed to increase the efficiency of electrolyzer systems by nearly 10%.

The company operates a one gigawatt per year PEM electrolyzer manufacturing facility at Bessemer Park, Sheffield, UK. A second facility has been established nearby and is expected to be operational by the end of 2024. 

In addition to providing electrolyzers, the company owns and operates hydrogen refueling stations across the UK through ITM Motive, a joint venture with Vitol Holdings, from March 2022. Under the terms of the agreement, ITM Power will supply up to 240 MW of electrolysis equipment to support Motive in the development and deployment of new green hydrogen refueling stations, while Vitol will supply up to 240 MW of green electricity to the new refueling stations.

In October 2023, ITM Power expanded its operations to the US and Germany to strengthen its global presence.

Key customers and partnerships

ITM Power has made several deployments of its technology. ITM Power’s REFHYNE project, funded by the European Commission’s Fuel Cells and Hydrogen Joint Undertaking (FCH JU), aims to build and operate a hydrogen electrolyzer at the Shell Rheinland refinery in Wesseling, Germany. In October 2021, REFHYNE II was launched to build a 100 MW electrolyzer at Shell’s Energy and Chemicals Park in Rheinland, Germany, with commercialization planned for 2024. The company is also involved in an energy trial to assess the potential for blending hydrogen into the normal gas supply to reduce carbon dioxide emissions. This project, called HyDeploy, is funded by Ofgem and led by Cadent and Northern Gas Networks. ITM Power’s key customers include Shell and Linde.

In July 2023, ITM Power extended its collaboration with W. L. Gore & Associates to deepen its understanding of the lifetime performance, durability mechanisms, and reliability of PEM water electrolysis..

In November 2021, ITM Motive partnered with NanoSUN, a Singaporean hydrogen distribution developer, to provide mobile hydrogen refueling solutions in the UK. In July 2023, ITM Power partnered with Mott Corporation to improve the efficiency and performance of ITM’s PEM electrolysis technology. In August 2023 , the company partnered with FRIEM to jointly develop a standard power supply unit (PSU) design for ITM's 2 MW plug-and-play electrolysis container.

Funding and financials

In October 2022, ITM Power announced that the Western Australian government will invest ~AUD 225,000 (USD 146,000) to investigate the feasibility of manufacturing renewable hydrogen electrolyzers in the state. In May 2022, the company was granted GBP 9.3 million (USD 11.6 million) by the UK Department for Business Energy and Industrial Strategy (BEIS) for gigastack testing. In January 2022, ITM Power received a grant of EUR 1.95 million (USD 2.2 million) from the German government for the SINEWAVE project to support the production of PEM electrolysis systems. In October 2021, ITM Power raised GBP 250 million (USD 343 million) to build a second electrolyzer manufacturing facility in Sheffield and a new international factory, to reach an annual manufacturing capacity of five gigawatts by 2024. The London Stock Exchange-listed company reported revenue of GBP 5.6 million (USD 7.1 million) for the year ended April 2022.

Hydrogen Economy

Hydrogen Economy

Key stats
Featured companies
66
Total funding (USD)
9.5 Bn
Total addressable market (USD)
128.7 Bn
Key competitors
 
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Company profile
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Recent Updates

Product updates
Nov 9, 2023
ITM Power launches Hybrid Stack
Hydrogen Economy
Partnerships
Aug 16, 2023
ITM Power partners with FRIEM to design power supply units
Hydrogen Economy
Partnerships
Jul 6, 2023
ITM Power partners with Mott Corporation on electrolyzer stack technology
Hydrogen Economy
Management news
Nov 25, 2022
ITM Power appoints Dennis Schulz as new CEO
Hydrogen Economy
Funding
May 19, 2022
ITM Power receives GBP 9.3 million for gigastack testing
Hydrogen Economy
Funding
Jan 11, 2022
ITM Power receives EUR 1.95 million grant from German Government
Hydrogen Economy

Company Brief


HQ location:
22 Atlas Way Sheffield GBR
Founded year:
2001
Employees:
251-500
Total Funding:
USD 416.6 million
Last Funding
USD 11.6 million, May 2022

Funding


Investors


No investor data is available

Funding data are powered by Crunchbase
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