The disconnect between corporate developments and market performance at ITM Power has rarely been starker. Over the past month, the hydrogen electrolyser specialist has seen its stock shed roughly 42% of its value, closing Friday at €1.30. That sell-off has unfolded even as the company secured a new partnership with Deutsche Bahn, reshuffled its board, and drew on fresh state capital.
De-Risking the Balance Sheet with Public Money
Great British Energy, the UK government’s investment vehicle, acquired a 10.4% stake in ITM Power during the second quarter of 2026, paying £40 million for the holding. That injection makes the state the company’s second-largest shareholder and is earmarked to accelerate the industrialisation of its “Chronos” electrolyser platform. The move provides financial breathing room at a time when the market is demanding clearer revenue visibility.
A second, potentially larger tranche of public funding hangs in the balance. The UK Competition and Markets Authority must rule by 30 June on a £46.5 million grant designed to automate ITM Power’s Sheffield factory. Approval would formally lift the plant’s annual production capacity to one gigawatt—a major milestone for the company’s manufacturing ambitions.
Deutsche Bahn Study and a New Board Face
On 24 June, ITM Power signed a memorandum of understanding with DB Systemtechnik, the engineering arm of Deutsche Bahn, to conduct a feasibility study on integrating green hydrogen solutions at rail infrastructure sites. The agreement builds on an earlier pact from March 2025 and targets climate-neutral train operations, as well as the broader energy supply for the rail network. While strategically sound, the study is a non-binding exploratory step—investors have grown weary of such announcements without firm purchase orders attached.
The same day, the company appointed Oleg Williamson as a non-executive director. Williamson, an Executive Director at Linde since 2022 and the company’s representative in the supervisory board, replaces Matthias von Plotho. His background in corporate finance is widely seen as a signal that ITM Power will need to manage its cash burn with increasing discipline. Williamson holds no ITM shares at the time of his appointment.
Should investors sell immediately? Or is it worth buying ITM Power?
The Technical Case for Caution
The catalyst for the recent rout was a textbook “sell the fact” move. After ITM Power was added to the MSCI United Kingdom Small Cap Index on 29 May, the stock rallied to a 52-week high of €2.58—and then collapsed. That high-water mark now sits nearly 26% above the 50-day moving average of €1.76, a level that has turned into heavy resistance.
The RSI has dropped to 37.1, flirting with oversold territory but not yet triggering a definitive bounce. Support at the 100-day moving average of €1.25 has held for now, but a break below that threshold could unleash a fresh wave of technical selling. Despite the month-long decline, the shares remain up roughly 79% year to date, underscoring the extreme volatility that has defined the stock.
The Clock Is Ticking
For the management team, the immediate priority is converting its pipeline of memoranda of understanding into cash-generating contracts. In the current financial year, ITM Power is guiding for revenue of £40 million to £43 million, representing growth of around 35% from the prior year. That target now depends heavily on a swift regulatory green light from the CMA and the ability to turn the Deutsche Bahn study into something more tangible.
Without concrete orders, the selling pressure is unlikely to ease. The next few days—and the CMA verdict by 30 June—will determine whether ITM Power can arrest its slide or test deeper support.
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