Dennis Schulz
CEO & Director
Good morning indeed, and thank you for the interest in the great news we are delighted to announce today. From our RNS this morning, you would have seen that the U.K. government has decided to back ITM Power with a combination of an equity investment and a grant, which is a strong vote of confidence in our technology and delivery credibility.
It demonstrates the government’s commitment to promoting the U.K.’s sovereign technology and manufacturing capability in clean energy infrastructure. Amy, Simon and I will provide you an overview of Project Horizon, including the U.K. government’s rationale.
A look at the market and our product offering will then lead into our next-generation stack platform, Chronos, and how we plan to manufacture it. We will close today’s presentation with our upgraded guidance for FY ’26.
The U.K. government has ambitious plans for hydrogen. Through its energy company, Great British Energy, in short GBE, they aim to power Britain with clean, secure homegrown energy. DESNZ, the Department for Energy Security and Net Zero is a ministerial department of the U.K. government and is awarding funding to projects under the hydrogen allocation rounds, in short, HAR program.
Their mission is to make the U.K. a clean energy superpower. Together, they have decided to back ITM Power as the U.K.’s electrolyzer champion. In turn, we are helping the U.K. government to reach their decarbonization and energy resilience targets and offer the creation of new well-paid jobs and boosting the economy.
Their support package amounts to GBP 86.5 million, consisting of a GBP 40 million equity investment from
