Great British Energy invests £40m in ITM Power for UK green hydrogen manufacturing expansion

Great British Energy made a £40 million strategic equity investment in ITM Power plc, alongside a £46.5 million government grant from the Department for Energy Security and Net Zero. The combined proceeds fund ITM Power's expansion of large-scale UK manufacturing for its Chronos electrolyser stack technology, with a new automated manufacturing line targeting up to 1 GW annual capacity.

Counterparts (3)

Partner

Department for Energy Security and Net Zero

company

UK government department responsible for energy security, consumer protection, and achieving net zero emissions. Oversees policy, regulation, and major infrastructure projects across the energy sector.

Buyer

Great British Energy

company

Great British Energy is a proposed publicly-owned clean energy company, a key policy of the UK Labour Party. Its objective is to invest in and develop renewable and clean energy projects across the UK, aiming to accelerate the transition to net-zero and provide affordable, secure energy for British households and businesses.

target

ITM Power

company

ITM Power is a leading UK-based manufacturer of proton exchange membrane (PEM) electrolysers for green hydrogen production. The company designs, manufactures, and deploys these advanced systems for industrial-scale applications, focusing on decarbonizing hard-to-abate sectors and contributing to the global energy transition.