The buy-ins keep coming at ITM Power. Three senior executives have once again added to their holdings through the company’s “Buy as You Earn” employee share scheme, a routine yet notable signal from the upper ranks of the hydrogen specialist.
Chief executive Dennis Schulz and technology chief Simon Bourne each acquired 136 shares under the plan, with the company matching those purchases with an equal number of free shares. Chief financial officer Amy Grey went further, investing the equivalent of three months’ contributions to secure 407 partnership shares alongside a matching 407 from the company.
These are not discretionary trades made on a hunch. The transactions run automatically through a payroll-deduction programme that lets management and staff steadily accumulate equity, with the company topping up each purchase. The fact that three members of the leadership team are participating simultaneously nonetheless reinforces a picture of a board comfortable with its long-term trajectory.
The market, for its part, barely stirred. The shares closed Monday at EUR 1.25, up 1.3 percent on the day, and have gained 4.8 percent over the past month. That modest drift suggests investors have already digested the company’s recent operational milestones rather than reacting to the insider activity itself.
Among those milestones: the first delivery of green hydrogen from the Lingen electrolyser plant roughly a month ago, and the early-August transport of hydrogen through a 120-kilometre pipeline from Lingen to the chemical park in Marl, a project developed with RWE and Evonik that the company describes as one of Europe’s first functioning hydrogen value chains. The muted share-price response to that event points to a market that has largely priced in the achievement.
Should investors sell immediately? Or is it worth buying ITM Power?
The order book continues to broaden. ITM Power is supplying two 100-megawatt electrolyser units to RWE through Linde Engineering as part of the GET H2 Nukleus project, while in the UK the company is working with Protium Green Solutions on the Cromarty project, backed by the government’s HAR1 support scheme. A memorandum of understanding with Deutsche Bahn covers integrating electrolyser technology at rail sites, and a collaboration with Rheinmetall targets the Giga-PtX project, an initiative for a Europe-wide network of decentralised plants producing synthetic fuels.
The financials lend the insiders’ confidence some support. In the first half of the fiscal year, which ended in late October 2025, ITM Power posted record revenue of GBP 18 million, driven by equipment sales of GBP 15.5 million plus a further GBP 2.5 million from engineering studies, spare parts and maintenance. In February, the company raised its full-year revenue guidance to a range of GBP 40 million to GBP 43 million.
Year to date, the stock is up roughly 72 percent, a gain that captures both the sector’s volatility and the market’s willingness to reward progress. Still, the shares sit well below their spring peak, a reminder that operational advances have yet to translate into sustained upward momentum.
The repeated purchases by Schulz and Bourne alone do not justify a buy decision. They do, however, add another data point to a broadly constructive case: a growing pipeline, lifted guidance and the first industrial validation of the technology across the full value chain. Whether that translates into durable share-price gains will largely depend on whether the flagship projects with RWE, Rheinmetall and Deutsche Bahn convert into firm orders over the coming quarters.
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