REG - ITM Power PLC - Strategic partnership with Protium

ITM PowerAnnouncement

Today 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260603:nRSC7199Ga&default-theme=true

RNS Number : 7199G  ITM Power PLC  03 June 2026

3 June 2026

 

ITM Power plc

Strategic Partnership with Protium for UK green hydrogen projects

 

Protium Green Solutions Ltd ("Protium") and ITM Power have formalised a
strategic partnership to develop, invest in, and operate industrial-scale
green hydrogen production plants across the UK, with an immediate focus on
advancing the Cromarty Project in Scotland.

The collaboration establishes a flexible framework to support the expansion of
the domestic green energy supply chain within the UK economy. Under the new
agreement, the companies are collectively exploring a range of deployment
models for future UK projects, with a particular focus on Protium's portfolio
of Hydrogen Allocation Round (HAR) projects.

The companies are evaluating multiple avenues for collaboration, potentially
including via Hydropulse, ITM Power's build-own-operate subsidiary designed to
deliver containerised green hydrogen plants, as well as options for Protium to
directly acquire ITM's market-leading electrolysis assets. This parallel
tracking allows both parties to undertake rigorous commercial due diligence to
ensure optimal project delivery, technical alignment, and value for money.

The first area of collaboration being actively explored under this framework
is the flagship Cromarty Hydrogen Project in the Scottish Highlands. Recently
acquired by Protium, the project successfully secured government-backed
funding through Hydrogen Allocation Round 1 (HAR1).

Cromarty, with 15 MW electrolyser capacity, will produce circa 7 tonnes of
green hydrogen per day at peak output. The project will provide a localised,
reliable energy source to decarbonise regional sectors, targeting a mixture of
heavy industrial heat and power customers, many of whom are currently off the
national gas grid. Phase 1 of the Cromarty project alone is estimated to
create approximately 30 highly skilled local jobs and apprenticeships within
the region.

As the primary project developer, Protium will lead power procurement,
permitting, downstream infrastructure, and hydrogen distribution. A Final
Investment Decision (FID) for the Cromarty project is currently targeted for
December 2026.

Dennis Schulz, CEO of ITM Power, said: "By working alongside Protium in a
framework ranging from equipment supply to investment, we are bringing
together our complementary expertise. Together, we can deliver highly
competitive hydrogen with strong long-term economics and help accelerate the
UK hydrogen market."

Christopher Jackson, CEO and Founder of Protium, said: "This partnership
between Protium and ITM Power brings two of the UK's best-in-class hydrogen
businesses together to deliver a truly unbeatable proposition for customers.
Reliability, affordability and scalability with no compromises and no carbon
emissions. This is how we move the UK hydrogen economy from concept to
reality."

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 Protium:

Protium is a green hydrogen company. Its end-to-end solutions help
businesses decarbonise reliably, affordably and safely by replacing fossil
fuels across construction, manufacturing, transport and
operations.   

By pioneering the scale-up and adoption of green hydrogen and its derivatives
in the UK, Protium delivers practical hydrogen solutions that
work today, spanning production, distribution and on-site deployment,
supported by expert guidance from technical services to commercial
development, to enable a confident transition to a cleaner, more resilient
energy future.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCKZGGVKZRGVZM



            Copyright 2019 Regulatory News Service, all rights reserved