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I’m certainly buzzing with excitement about this share. I would say 10-30x current valuations easily possible. This is still a massive buy.

Momentum is steady. I think we are all waiting for a large firm order for any one of our licensees and a firm indication of scaling production.

Beyond the current 50MW production from Doosan fuel cell I haven’t seen anything solid about scale. Yesterday’s presentation of each partnership being GW scale and worth $1bn is the closest and most reliable indicator we have had but committed orders needed.

Having said that the new technology on display is phenomenal. This is a world beater and will beat Bloom. I’m fully expecting SP to follow Bloom. 10x plus 2021 peak.

95p still bargain basement in my view. Not so for Bloom. Just sold 1/2.

Things can change quickly and there are major tailwinds for ITM power.

I like that they are directly comparing ceres to Bloom. Bloom have probably 40-50x ceres market capitalisation and ceres have the better tech. Still grossly undervalued but need some hard signals from licensees about scale of manufacturing and orders to propel us to the next level.

If anyone has an opportunity to feed back to the group what is discussed at the capital markets event that would be really appreciated. The ceres endura seems like a stepwise improvement on the basis of RNS but I’m sure more detail will be given in the event.

The news was very welcome and this share price rise too but in perspective we have been trading in 60-90 range for much of the last year. Not a re-rate yet. The company is still only valued at less than £300m above cash in hand. There is a long way to go for SP to reflect value and growth of this company. Hold tight and weather the shorters attempts to rattle- they will come. I see spicy tuna was mentioned again though not sure if they are back on the board under a pseudonym.

It’s a long way back to £4.75. That figure baked in. Gigafactory which is now going to materialise. Arguably sales funnel and product portfolio are much stronger now. 20GW of interest was mentioned this morning. Not all of that will become orders but roll on chronos and a there should be a stepwise uplift in conversion rate and market share.

The SP rise today is welcome but nowhere near reflects value of the company IMO. We are currently priced at barely more than cash in hand. Looking at the sums you should see your money back but not likely not until order book gives clear path to profitability. That is likely still a little way off. How far I don’t think anyone can say. A couple of large FIDs and we are there so could happen anytime. Look at Bloom energy for how quickly SP and sentiment can change with a couple of big orders. Different energy sector but interesting.

Great news today. Huge vote of confidence but let’s not ignore the fact GBE have just acquired the bargain of the century. 10.4% stake in ITM power £40m.

We are still sitting at a mega bargain SP. Onwards and upwards gentle folk.

When one of our larger FIDs lands this share will fly. APAC, German grid balancing or other. I don’t think further FEEDs will give significant short term momentum but these when/if converted to orders will propel ITM above 2021 peaks.

Chronos will put us as industry leaders but we need these FIDs to demonstrate unambiguously that green H2 is here.

What do people here think of Centrica’s agreement with ceres power to develop decentralised grid in uk and Europe?

I think the share price is the vote of confidence in the update. Sounds like the analyst was looking very retrospectively. Not a great quality in an analyst!

The figures are a little underwhelming and no upside surprises in the full year results. The centrica partnership though is very interesting. Potential there for significant revenue generation. This looks like a move into leveraging their expertise into engineering services design. This is consistent with ceres strategy of leaving manufacturing to others but using their design expertise. Nice move and looks like the next big step for the company. Look forward to hearing more at their presentation.

What is absolutely clear is that hydrogen is happening. The pipes are being built in the uk, Nathan’s Germany and elsewhere. Green has won over blue, even before the current conflict. ITM are the fastest growing manufacturer in the UK and in the top 10 in Europe. This is guaranteed to continue and with further FIDs will accelerate in the next 1-2 years. With Chronos and hydropulse coming online expect things to take off in the next few months.

One possible bright spot is that Chinese emissions have started to fall. The two most populous countries in the world have huge interests in becoming energy self sufficient with renewables, H2 and moving away from FFs.

Https://fuelcellsworks.com/2026/03/24/electrolyzer/fenex-crc-and-pacific-energy-advance-hydrogen-production-at-kwinana-energy-transformation-hub

This could potentially be ideal opportunity for Thermax and ceres SOEC technology. She’ll have proven the system at MW scale in India.

Dies anyone know if it is possible to buy Doosan fuel cell through HL as part of an isa? I quite fancy a punt and seems to have a wide rapid but fairly predictable trading range 36000-45000.

It wasn’t long into the Ukraine war when Van der Leyen gave her big speech committing Europe to green H2. It’s been slower than everyone hoped with H2 transition but the logic is there and a great many more of the jigsaw pieces are in place to allow this to happen. The European/German H2 pipeline for one.

It’s a complex transition and many pieces need to come together at the same time. Are we now at the inflection point? If we are things could accelerate quite quickly. ITM power are well capitalised and in a great position. SP will follow the FIDs.

Great news. This is a big deal for ITM. Big deal for us shareholders

The other factor here that has not been priced in yet is chronos

~3× more productive per stack

• ~40% cheaper

• >50% smaller footprint

• Simpler + faster to build

10% better electrical efficiency

This combination could completely turn the dial in favour of H2 and ITM power.

The team were clearly very excited about this at the investor presentation. Markets are not forward looking enough creating real opportunities for savvy investors

There is the small matter of update next week 26/3. This may yield some interesting information and direction. Possible news on scale and timing of partners operations?

Ceres is bouncing around 300-350 just now. Some concrete news from Doosan, Weichai, Denso or Thermax should send us significantly higher.

To be fair to the market we haven’t yet seen that breakthrough order with one of our partners.

The Doosan FC SP is a clue where we should be heading, as is Bloom energy who are pretty robustly around $150 or 8-10x 2021 SP. We are currently around 0.5 if 2021 SP(ignoring peaks of both). Look out for the break through announcement as above. There may be an opportunity to « fill one’s boots » before the market catches on. At the moment market is not pricing in promises for tomorrow on any shares.