ITM Power secures £40m investment deal

Burges Salmon has successfully advised ITM Power plc on a £40 million strategic equity investment from Great British Energy, illustrating strong confidence in the company’s operations within the clean energy sector. This collaboration comes hand in hand with an imminent grant of £46.5 million from the Department for Energy Security and Net Zero, underscoring the government’s commitment to advancing the UK's capabilities in green hydrogen production. The combined funding will significantly aid ITM Power as it seeks to ramp up UK manufacturing of its innovative Chronos electrolyser stack technology. This new automated manufacturing line aims for a remarkable annual production capacity of up to 1GW, fostering improved energy efficiency and reduced production costs.

Amy Grey, CFO of ITM Power expresses excitement over the investment stating that “this strategic investment from Great British Energy is a strong endorsement of ITM Power’s technology, credibility and long-term role in the UK’s clean energy transition.” She highlights the importance of this transaction in supporting the firm’s growth trajectory as they scale up domestic manufacturing for their next-generation platform. The establishment of the new manufacturing line is anticipated to build upon ITM Power’s existing operations in the UK while generating additional skilled job opportunities as the demand for hydrogen technologies rises.

AJ Venter, Partner at Burges Salmon notes that “this is a strategically important transaction for ITM Power, supporting the next phase of growth for its UK manufacturing capability and the wider hydrogen economy.” He further commends the collaborative effort with the ITM Power team and reflects on the importance of strong government backing for clean energy initiatives. This investment marks a crucial step toward establishing a resilient and innovative hydrogen market in the UK, promising significant growth opportunities for the sector ahead.