ITM Power: EU Green Light and a ÂŁ46.5m Grant Decision Converge on a Pivotal Week
Published on 06/22/2026 at 20:32 | Redaktion boerse-global.de
The Sheffield-based electrolyser maker opened Monday with a 2.68% bounce to 1.57 euros, a move that reflected two catalysts coming into focus at once. Brussels gave its blessing to Germany’s industrial electricity package, and London’s Competition and Markets Authority is once again the centre of attention with a ruling due before the month ends.
Brussels Unlocks Two German Projects
The European Commission’s approval of the German Industriestrompreispaket ends months of regulatory limbo for energy-intensive industries. The package combines a temporary price cap with existing compensation schemes, channelling roughly a billion euros in relief. For ITM Power, the decision is directly material. The company is the technology partner of Stablegrid Group on two German electrolysis projects: the 30-megawatt “Netzbrücke 410” plant in Rüstringen and a much larger 680-megawatt facility that has been awaiting this exact framework before reaching a final investment decision.
The UK Countdown: CMA to Rule on ÂŁ46.5m Grant
Across the Channel, the CMA is weighing a £46.5 million grant from the Department for Energy Security and Net Zero. The funds are earmarked for “Chronos”, ITM Power’s next-generation automated production line in Sheffield. Management claims the new stack platform will be 10% more energy-efficient and 40% cheaper to manufacture than predecessor models.
That grant is part of a broader £86.5 million financing package secured in April. The other leg is a £40 million equity injection from Great British Energy (GBE), which now holds a 10.4% stake in the company. Robert Gilbert, GBE’s supply chain director, framed the partnership as a cornerstone of the “Energy Engineered in the UK” programme — underscoring the political weight behind the company’s scale-up.
Should investors sell immediately? Or is it worth buying ITM Power?
A green light from the CMA would allow ITM Power to formally confirm a one-gigawatt annual production capacity, sharply reducing unit costs and strengthening its position against Asian rivals. The commission’s decision is expected by the end of June.
Analysts Remain Deeply Divided
Despite the high stakes, the stock trades at 1.57 euros — 39% below the 52-week high of 2.58 euros hit on 29 May. The correction was triggered partly by index-fund rebalancing after ITM Power’s inclusion in the MSCI UK Small Cap Index earlier this month. Even so, the shares have still rallied 116% year to date from their February trough of 0.65 euros.
Investment banks cannot agree on where the equity should be priced. Morgan Stanley sees upside to 170 pence (roughly 2.00 euros) and sticks with a bullish call. Berenberg lowered its target to 110 pence (1.30 euros) but maintains a “buy” rating. Goldman Sachs remains the outlier, recommending a sell with a price objective of 63 pence (0.74 euros).
ITM Power at a turning point? This analysis reveals what investors need to know now.
Technical Crosscurrents
On the charts, the stock sits below its 50-day moving average of 1.73 euros, a level that now acts as immediate resistance. The 200-day average, at 1.03 euros, provides a cushion roughly 35% below the current price. The relative strength index stands at 43.1, neutral territory that leaves room for moves in either direction.
A Loaded Week Ahead
The CMA decision falls in the same week the government is expected to announce the results of the second hydrogen allocation round (HAR2). Together, the two outcomes could determine whether the stock reclaims its highs or extends its pullback. It is no coincidence that ITM Power was once again among the most actively traded names on UK retail platforms on Monday. The pendulum is swinging.
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