ITM Power’s £86.5m Chronos Funding Clears Final Hurdle as Insider Confidence and Record Revenue Tell a Different Tale to the Share Price
Published on 07/14/2026 at 05:52 | Redaktion boerse-global.de
A director’s purchase of 172,000 shares and a state-backed £86.5m funding package for a new gigawatt-scale factory might sound like a recipe for a rally. But ITM Power’s stock continues to drift lower, closing Monday at €1.33 — down 15% over the past month and 6.49% in the last week alone. The gap between operational progress and market sentiment has rarely been wider.
The company secured the last regulatory tick for its “Chronos” electrolyser production line on 12 July, when the UK’s Subsidy Control Authority approved a £46.5m grant from the Department for Energy Security and Net Zero. That sum is topped up by £40m in equity from Great British Energy, the state-owned energy company, which now holds roughly 10% of ITM Power. CEO Dennis Schulz called the green light a “decisive step” toward turning Sheffield into a global hydrogen manufacturing hub.
The Chronos line is designed to churn out one gigawatt of stack capacity annually, using proprietary automation in coating, electrode welding and assembly. The company says it will cut production costs by 40% and boost energy efficiency by 10% compared with the current Trident platform. Early operating results already hint at the payoff: first-half revenue hit a record ÂŁ18m, while the share of profitable orders climbed from 60% to 71%.
Should investors sell immediately? Or is it worth buying ITM Power?
That operational improvement has not found its way into the share price. The stock now trades 22.44% below its 50-day moving average of €1.71 and 48.56% beneath the 52-week high of €2.58 touched in May. The RSI of 40.8 points to neutral-to-weak momentum, and the annualised 30-day volatility of 106.35% explains why the name can lurch in either direction on any given newsflow.
Yet the insider purchase suggests the board sees value where the market does not. The director’s 172,000-share buy is a tangible bet that the current valuation — a market cap of roughly €932m — fails to price in the multi-year potential of the Sheffield facility. The company’s order backlog stands at £152m, which will need to be converted into margin-rich sales as the new line ramps up.
That ramp faces risks outside ITM Power’s control. Grid connection delays in the UK are already forcing some clean-energy and data-centre projects to seek alternative power sources or accept decade-long waits. If customers cannot secure timely hook-ups for new electrolysers, even a perfectly executed factory might see orders slip. The 200-day moving average of €1.07, currently 22.62% below the share price, serves as the key long-term support — but the stock first needs to reclaim the 100-day average of €1.33 to suggest the short-term slide has stabilised.
Despite the recent weakness, the year-to-date gain of 82.77% and a 12-month return of 46.36% show what a rapid re-rating can look like in this sector. The next catalyst is the final investment decision for the Cromarty hydrogen project in Scotland, expected in the second half of 2026. A positive FID combined with a smooth Chronos production launch could break the current downward momentum and steer the stock back toward its longer-term averages. For now, the factory is funded, the insider is buying and the revenue trajectory is improving — the share price is simply taking its time to catch up.
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ITM Power Stock: New Analysis - 14 July
Fresh ITM Power information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
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