ClimateTicker

ITM Power

LSE: ITM58Mixed / Improving· Provisional
0 followersGreen hydrogen·Sheffield, UK·Founded 2000
itm-power.com

UK PEM electrolyser manufacturer operating the world's largest electrolyser factory in Sheffield, producing green hydrogen for industrial and energy applications.

58/100
Mixed / Improving· Provisional

ClimateTicker Green Score · how it's calculated

Greenwashing risk: mediumData confidence: medium

Why it's on ClimateTicker

ITM Power manufactures proton exchange membrane (PEM) electrolysers that split water into green hydrogen using renewable electricity, directly enabling decarbonisation of hard-to-abate sectors such as industrial chemicals, steel, and heavy transport. The core technology is genuinely low-carbon when paired with renewables, giving it a strong impact thesis. However, the company remains deeply loss-making, has no publicly verified SBTi targets or CDP disclosure found in research, and its own operational sustainability disclosures are thin relative to its public climate positioning.

mitigationITM Power sells PEM electrolyser systems (primarily large-scale MW-class stacks and containerised units) to industrial and energy customers globally; it generates revenue from equipment sales, project delivery contracts, and some hydrogen refuelling station operations, while still burning significant cash as it scales its Gigastack Sheffield factory.

Commitments & Certifications

other: AIM-listed – standard UK corporate governance disclosures only ↗

Controversy & Greenwashing Watch

lowAbsence of independently verified sustainability targets

Despite operating in the green hydrogen sector and marketing itself as a climate solution company, ITM Power has no publicly traceable SBTi-validated targets or CDP disclosure score, creating a gap between marketing positioning and verified climate governance.source ↗

mediumSevere historic cash burn and near-going-concern financials

ITM Power reported adjusted EBITDA losses of £94.2m in FY2022/23, raising serious investor concerns about capital sustainability and execution risk, though losses narrowed to £30.4m in FY2024 following a restructuring.source ↗

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