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ITM Power ( (GB:ITM) ) has provided an announcement.
ITM Power has confirmed that the previously announced 20 MW Notice to Proceed relates to MorGen Energy’s West Wales Hydrogen project in Milford Haven, which has now reached final investment decision under the U.K. HAR1 funding framework. ITM will supply its 20 MW POSEIDON electrolysis module to a plant on the former Milford Haven Refinery site, expected to be commissioned in 2028 and to produce around 2,000 tonnes of green hydrogen annually for industrial clusters across Milford Haven, Port Talbot and wider Wales.
In parallel, ITM has signed a ten-year long-term service agreement with MorGen Energy to provide maintenance and operational support for the West Wales Hydrogen facility. The deal underlines ITM’s strategic role in early large-scale green hydrogen infrastructure in the U.K., reinforcing its technology’s bankability and securing recurring service revenues as the sector advances industrial decarbonisation efforts.
The most recent analyst rating on (GB:ITM) stock is a Buy with a £115.00 price target. To see the full list of analyst forecasts on ITM Power stock, see the GB:ITM Stock Forecast page.
Spark’s Take on GB:ITM Stock
According to Spark, TipRanks’ AI Analyst, GB:ITM is a Neutral.
The score is held down primarily by weak financial performance (persistent losses and negative operating/free cash flow) and a bearish technical trend with the price below major moving averages. These are partially offset by earnings-call evidence of operational progress (record H1 revenue, improving backlog quality, reiterated growth guidance) and a low-leverage balance sheet, but near-term profitability and cash timing risks remain significant.
To see Spark’s full report on GB:ITM stock, click here.
More about ITM Power
ITM Power, founded in 2000 and listed on London’s AIM since 2004, is a Sheffield-based manufacturer of proton exchange membrane electrolysers used to produce green hydrogen from renewable electricity and water. The company focuses on supplying high-performance electrolysis technology to support industrial decarbonisation and the emerging green hydrogen economy, particularly in the U.K. and Europe.
Average Trading Volume: 1,956,689
Technical Sentiment Signal: Sell
Current Market Cap: £394.5M
For an in-depth examination of ITM stock, go to TipRanks’ Overview page.