ITM Power has gone through a bad patch over the last 2 years as they have built a gigafactory in Sheffield and found that they needed to redesign their products, ending with a new 2MW basic square design replacing their previous multiplicity of circular membrane units, causing a 12 month supply gap. But last week their share price rose by nearly 14% after the UK government began to support their innovations with new money, having previously declined to help with a second Gigafactory. The problem is that the shares have dropped almost 60% over last year, and 100 jobs have been chopped. The new CEO Dennis Schulz is good and the new product looks like a winner, so hopefully ITM can revive, having sold its loss-making subsidiary Motive Fuels last month. The good news is that UK is targeting 10GW of green hydrogen in the next 7 years, which would require 5000 ITM new products, costing around £10bn in total.
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