LONDON, June 30, 2026, 10:01 BST
- Shares of ITM Power were up roughly 14% at 130p in early London action. The FTSE All-Share edged higher, up around 0.3%.
- Great British Energy’s April buy-in for 71.99 million shares at 55.56p now values that holding at about £94 million at 130.60p, for a paper profit near £54 million.
- ITM last put out a listed RNS on June 25, and as of 10:01 BST today, there wasn’t a same-day company filing.
ITM Power PLC (LON:ITM) jumped over 14% in early London trading Tuesday. The electrolyser firm’s April funding deal, which has state backing, is now firmly in the money. Broader UK stocks were up just slightly.
Fidelity quoted ITM with a bid at 129.90p and ask at 130.50p at 09:39 BST. The stock was up 16.30p, or 14.25%. Google Finance had ITM at 130.60p at 09:24 GMT+1. Intraday high hit 135.80p, volume stood at 2.73 million shares, below the 7.21 million average.
London traded in its standard hours. The London Stock Exchange runs 0800-1630 BST on weekdays, according to TradingHours.com.
| Market check | Latest data seen | Read-through |
|---|---|---|
| ITM Power | 130.60p, up 14.16% at 09:24 GMT+1 | Strong jump at the open |
| ITM day range | 122.10p to 135.80p | Saw a big move during the session |
| ITM volume | 2.73 million shares | Volume already at 38% of its daily norm by 09:24 |
| FTSE All-Share | up 0.29% on June 30 | Market was only modestly higher |
The real action is in the state block. Back on April 9, ITM said Great British Energy was taking up 71,994,240 new shares at 55.56p each, which raised £40 million before costs. Those shares now trade at 130.60p, so the block comes to around £94.0 million. That’s a paper profit near £54.0 million, or 135%.
| Great British Energy block | Figure |
|---|---|
| Shares taken | 71,994,240 |
| Entry price | 55.56p |
| Total paid in | £40.0 mln |
| Market value at 130.60p | £94.0 mln |
| Unrealised profit | £54.0 mln |
| Unrealised gain on cost | 135% |
This is notable because the government is sitting on a profit, though ITM said in the RNS that Great British Energy agreed not to sell the new shares for 12 months after admission, except for some specified cases. The same statement said Great British Energy will hold about 10.4% of ITM’s enlarged share capital after the deal.
The April update named a planned £46.5 million grant from the Department for Energy Security and Net Zero for building a 1 GW Chronos electrolyser stack manufacturing line in Sheffield. ITM said at the time the grant was still subject to subsidy-control review, which is set to wrap up in June 2026. As of the London morning check on June 25, the company’s RNS list had no filing confirming the grant after that date.
ITM said in April it expects to put up to £120 million into the Chronos line over three years, aiming for commercial operation by 2028. The company also raised its FY26 cash guidance to £210 million-£215 million from £170 million-£175 million after the equity subscription.
Chief Executive Dennis Schulz said at the time the UK government had “confidence and support”. Dan McGrail, chief of Great British Energy, called the investment “backing British innovation”. Peel Hunt analyst Sam Wahab described the package as a “strong vote of confidence” in ITM’s technology, Proactive Investors said on April 9. Investegate
No new same-day RNS drove Tuesday’s action. Investegate’s last listed filing was a June 25 board change, following a June 24 letter of intent with DB Systemtechnik GmbH for an innovation and research tie-up starting with a planned FEED study at Deutsche Bahn sites.
Schulz called the DB project a “next step” in the partnership. DB Systemtechnik CEO Dr. Hiie-Mai Unger linked the project to “sustainable railway systems”. Earlier in June, ITM and Protium set up a framework for UK green hydrogen plants. The Cromarty plant in Scotland is planned for 15 MW and around 7 tonnes of green hydrogen per day at peak. Investegate
Revenue remains the main focus for ITM. Back in February, the company bumped up its FY26 revenue target to £40 million-£43 million from a previous range of £35 million-£40 million. Adjusted EBITDA and cash guidance stayed the same. CEO Schulz said ITM’s “firm contract backlog” was growing. Investegate
The stock jumped on Tuesday but stayed at roughly 59% of its 52-week high of 219.80p. Shares were still up about 130% from the 52-week low at 56.80p. Fidelity shows final results coming in August 2026, with the annual report expected in September and the AGM in October.
