REG - ITM Power PLC - Strategic collaboration with Rheinmetall

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RNS Number : 8216A  ITM Power PLC  17 April 2026

17 April 2026

 

ITM Power plc

Strategic collaboration with Rheinmetall for the Giga PtX project

 

We are pleased to announce that we have entered a strategic collaboration with
Rheinmetall AG, a leading international technology group in the defence
sector. The collaboration will focus on Rheinmetall's Giga PtX project, which
aims to establish a Europe-wide network of decentralised synthetic fuel
production plants for the NATO armed forces, designed to strengthen defence
energy resilience, sovereign fuel capability and operational readiness.

The project envisages the deployment of several hundred decentralised
production plants across Europe, each with an electrolysis capacity of up to
50 MW, capable of producing approximately 5,000 to 7,000 tonnes of e-fuel per
annum per facility.

By combining Rheinmetall's Power-to-X expertise with ITM's market-leading
electrolyser systems, the parties are bringing together their capabilities,
know-how and strong market reputation. The collaboration will initially focus
on the UK.

Synthetic fuels are expected to play a critical role in defence and other
mission-critical sectors, where electrification is not viable, and a secure,
reliable fuel supply is essential. The Giga PtX project therefore represents a
significant potential growth market for large-scale hydrogen production
technologies, underpinned by increasing focus on resilient and independent
energy supply in defence applications.

Dennis Schulz, CEO of ITM Power, said: "Our collaboration with Rheinmetall
aligns the energy transition with national security priorities. Reliable
access to fuel is fundamental to defence capability, and decentralised
production offers a structurally more resilient alternative to traditional
supply chains. The Giga PtX project represents a repeatable deployment
opportunity for large-scale electrolysers, while directly supporting sovereign
fuel capability and operational readiness. By combining Rheinmetall's system
integration capability and defence experience with our leading electrolyser
technology, together we are well-positioned to deliver scalable solutions."

Shena Britzen, Head of Hydrogen Program at Rheinmetall AG, said: "e-Fuels are
more than a technological solution - they are a strategic necessity. With Giga
PtX, we are creating a scalable network that strengthens energy autonomy for
Europe's defence forces. What matters is not just energy security, but the
ability to act independently - in logistics, in operations, and in times of
crisis."

For further information, please visit www.itm-power.com
(http://www.itm-power.com) or contact:

 ITM Power plc
 Justin Scarborough, Head of Investor Relations  +44 (0)114 551 1080

 Berenberg
 Ciaran Walsh, Harry Nicholas                    +44 (0)20 3207 7800

 J.P. Morgan Cazenove
 Richard Perelman, Charles Oakes                 +44 (0)20 7742 4000

 

 

About ITM Power plc:

ITM Power 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 Power 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 (BOO)
model, Hydropulse.

Headquartered in the UK, ITM Power is listed on the London Stock Exchange AIM
(LSE: ITM) and holds the Green Economy Mark, which recognises companies that
generate over 50% of their revenues from green products and services.

About Rheinmetall AG:

Rheinmetall AG is an integrated technology group, with its headquarters in
Düsseldorf. Founded in 1889, it is a leading international systems house for
the defence industry and operates within land, air, sea and space domains. A
focus on sustainability is an integral part of Rheinmetall's strategy. With
around 33,000 employees at about 180 sites worldwide, the company has been
listed on the DAX 40 since March 2023 and generated sales of €9.9 billion in
the 2025 financial year.

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