ITM Power's 150MW Refinery Bet Lands as Loss Guidance Tightens
Published on 10/12/2026 at 15:31 | Editorial boerse-global.de
Shares in ITM Power advanced 3.0% to EUR 1.15 on news that Hydropulse, a subsidiary of the British electrolyser maker, has signed a memorandum of understanding with a European oil refinery for a large-scale industrial green hydrogen project. The proposed plant would carry 150 megawatts of electrolysis capacity, making it the most ambitious commercial undertaking in the company's history if binding contracts are ultimately executed.
The non-binding agreement envisages a ten-year contract built around ITM Power's Alpha platform. According to media reports, Hydropulse would construct and operate the facility itself under a green hydrogen service model. The refinery's identity has not been disclosed. A joint front-end engineering design (FEED) study is already underway, with a final investment decision targeted for 2027 and production slated to begin in 2029 — assuming the process stays on schedule. The project represents a deliberate push into the market for large-scale industrial applications, though its realisation still hinges on the successful completion of definitive agreements.
Guidance Cut Sharpens the Operational Picture
The refinery deal slots into a broader phase of operational recalibration at ITM Power. On 8 October, management updated its outlook for the financial year ending 30 April 2026, guiding to an adjusted EBITDA loss of GBP 20 million to GBP 21 million — a marked improvement on the previously forecast deficit of up to GBP 29 million. Revenue and cash guidance were left untouched, underscoring a deliberately cautious stance. The emphasis is plainly on curbing cash burn and safeguarding liquidity rather than making aggressive growth pledges.
For market watchers, the revised figure suggests that cost-discipline measures embedded in the ongoing restructuring are taking hold. Even so, conditions for electrolyser manufacturers remain demanding, and investors are focused squarely on whether the operational turnaround can be sustained.
Should investors sell immediately? Or is it worth buying ITM Power?
October's Packed Calendar
Clarity on the past financial year arrives on 19 October, when CEO Dennis Schulz, CFO Amy Grey and CTO Simon Bourne present the preliminary annual results to analysts and investors at 9:00 a.m. The capital markets day offers the leadership team a key platform to reinforce its strategic direction, with attention likely to centre on how quickly manufacturing capacity can be scaled and what headway has been made on major projects in the pipeline.
Organisationally, further milestones fall before month-end. ITM Power has scheduled its annual general meeting for 30 October and is working with new auditor BDO to finalise the annual audit, with the full annual report to be tabled at a later meeting. The change of auditor and the associated alignment work had pushed back the timetable for the final reports; publishing the figures in the second half of the month is intended to bring the audit process to a close.
A minor administrative note surfaced on 1 October: the custodian for finance chief Amy Grey sold 111 shares without her knowledge to cover account fees.
ITM Power at a turning point? This analysis reveals what investors need to know now.
On the market, the stock has climbed 59% so far this year, with the most recent session adding 2.4% to close at EUR 1.11 before today's gain.
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