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ITM Power plc is an LSE AIM listed Company that designs and manufactures industrial-scale electrolysers for green hydrogen production. Its proprietary PEM technology, vertically integrated manufacturing, and in-house engineering capabilities enable it to supply standardised, high-performance hydrogen plants.

With a proven track record in large-scale projects, ITM helps leading industrial and energy companies achieve their decarbonisation goals. In addition to its equipment offering, the company provides reliable and cost-competitive hydrogen supply through its build, own and operate model, Hydropulse.

Headquartered in the UK, ITM holds the Green Economy Mark, which recognises companies that generate over 50% of their revenues from green products and services.

Great British Energy is a publicly owned energy investment company. It was established by the Great British Energy Act 2025, which received royal assent in May 2025, and is sponsored by the Department for Energy Security and Net Zero (DESNZ). It invests in and co-develops clean energy and energy storage projects and supports community energy and related supply chains. It is headquartered in Aberdeen, Scotland.

£40 million strategic investment by Great British Energy and £46.5 million grant from DESNZ

On 9^th April 2026, the Company announced they had secured an investment of £40 million through a non-pre-emptive Subscription by Great British Energy and had also received a letter from DESNZ confirming their intention to award a Grant of £46.5 million.

The funds will support the establishment of a new large-scale automated manufacturing line in the UK with an annual capacity of 1 GW for the next-generation stack Chronos. This investment is underpinned by strong order momentum and growing order backlog over the last 24 months. With superior energy efficiency and substantially lower cost, Chronos will help ITM to further grow their market share, speed up the industrial adoption of hydrogen, and accelerate their growth and path to profitability.

The Grant remains subject to subsidy control scrutiny, a statutory process required to ensure any public funding complies with the Subsidy Control Act 2022. The subsidy referral was submitted on 7^th April and is expected to conclude in June 2026, after which, subject to a satisfactory outcome, the grant would then be contracted.

Engage virtual data rooms used for the due diligence and deal process management

The Perivan investor communications team was delighted assist the project team at ITM, Berenberg who acted as financial adviser and Burgess Salmon who acted as legal advisor, with the provision of our Engage virtual data room, which was used as the secure platform for the for the due diligence and deal process management.

Perivan specialise in the production of investor and shareholder communications documentation and the provision of virtual data rooms to securely streamline complex transactions.