ITM Power

Does the core business genuinely avoid or reduce emissions, or build climate resilience? Share of revenue that is actually 'green'. Fossil-dependent models score low.

PEM electrolysers are a foundational technology for green hydrogen production; ITM's 24MW Yara Porsgrunn plant (Europe's largest PEM installation) is a concrete, operational example of industrial emissions displacement, and the Sheffield Gigastack factory positions the company as a credible volume manufacturer — but green hydrogen's net impact depends critically on the renewable electricity source, which ITM does not control or guarantee.

Credible, science-based targets (SBTi), a real net-zero plan with progress to date, and CDP disclosure — not just a dated press release.

No SBTi-validated near-term or net-zero targets were found for ITM Power on the SBTi Target Dashboard or in public searches; no CDP disclosure score was identified; the company's own sustainability goal communications appear limited to narrative statements without independently validated, quantified GHG reduction pathways.

Operational footprint, labour and social practices, and governance quality across the company's own operations and supply chain.

ITM Power is an AIM-listed UK manufacturer with a UK-based workforce in Sheffield; its annual reports include some governance disclosures required by AIM rules, and a Responsibility Report is noted as available, but independent verification of labour practices, supply chain due diligence (particularly iridium and platinum sourcing for PEM catalysts), and community impact is not prominently evidenced in public filings.

Quality of disclosure, independent third-party verification, and how much hard data backs the company's claims.

ITM Power discloses financial performance via AIM-listed annual reports (revenue £16.5m FY2024, EBITDA loss £30.4m) and operational milestones, but quantified Scope 1/2/3 GHG emissions data, lifecycle emissions for its products, and third-party verified sustainability metrics are not prominently and accessibly published, limiting independent verification of climate claims.

Controversies, litigation, pollution, fossil-fuel lobbying, conflict-zone involvement and governance scandals. Higher means cleaner.

No material controversies, fossil fuel lobbying, pollution incidents, governance scandals, or litigation were identified in research; the company's primary reputational risk is financial — sustained large losses and past EBITDA of -£94.2m in FY2023 raised going-concern questions — rather than ethical misconduct, and the trajectory is improving.