Member Info for Eastwood

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@Artgasm what if it has been a steady increase from 170p to the current 192p on the board instead of a big bang on friday?

Helikon Investments Limited

Now: 0.97% 26/5/2026

Was: 1.07%

An interesting morning. 182 on the board. vol is 1.63 million

@Stayingpatient an example of what Bilbo meant about details being wrong.

That is the Morgen West Wales project and it is not Hydropulse. Sloppy writing - this is from Justin when I messaged him about Hydropulse line as it looked incorrect.

Https://www.linkedin.com/posts/worldhydrogen-whc2026-hydrogen-share-7463142131872862209-XdGl?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAEkVmEBjNnbrZ4ELTSoemDjmg5c3rjXmsY

Day two at the World Hydrogen Summit & Exhibition. With an undeniably electrolytic atmosphere in the room, project delivery is in the air.️

On Tuesday, one of our flagship projects, REFHYNE 2, was recognised with two World Hydrogen Awards:

🏆 Clean Hydrogen Project Award

🏆 Industrial Application Award

A huge thank you to our project partners Shell and Linde Engineering for their outstanding collaboration in making this possible.

If you’re at the summit, come and meet the ITM and Hydropulse teams. Let’s grab a coffee and talk about what it really takes to deliver projects at this scale, and how we can help realise your hydrogen ambitions.

Helikon Investments Limited

Now: 1.18 was 1.23

Seaangler,

When I spoke to Justin about it briefly as I wasn't entirely sure what it meant he said the most important factor is that tracker funds and ETFs literally mirror their portfolios with index constituents which means incremental buyers.

I took this to understand - my own thinking - that we would have buyers from the ETFs and tracker funds buying in to match us joining the Index. This in my mind would help put pressure on the shorters as buying pressure would increase.

I am not sure if the buying commences before the 29th to hit the target of the 29th, or starts from the 29th. As posted yesterday, the £46.2m grant report is out on the 26th, I would expect the share price to rise when released if money is granted. So if buying only commences after the 29th then it could be interesting. The followed by ITM taking FID on Chronos in June I would hope.

This is my own thoughts, do your own research etc.

"However, the company states it will still try to commercialise its SOE technology, which includes proving commercial-scale manufacturing capabilities at its Herning plant, “after which the factory will be hibernated until demand is robust”.

We were also told at factory day that it is all fine and well until you try to scale, along with tourists will be leaving the industry and seven months later we are seeing it. Remarks are proving true every week.

It is 167.40 at the moment with it touch 168 a few times. Vol is 900k. It has picked up in the last 10 min

I asked AI to explain how it helps ITM:

The promotion of ITM Power into the MSCI United Kingdom Small Cap Index is a meaningful milestone for the company for several reasons:

Forced passive buying:

Once the change becomes effective after the market close on 29 May 2026, passive funds and ETFs tracking MSCI UK small-cap benchmarks will need to buy ITM Power shares to match the index composition. This typically increases liquidity and trading volumes around the rebalance date.

Institutional validation:

MSCI inclusion is often viewed as confirmation that a company has achieved sufficient size, liquidity, and free-float requirements to qualify for broader institutional ownership.

Improved visibility:

Smaller UK growth companies can struggle to attract international institutional coverage. Index inclusion puts ITM Power on more global investors’ screens, especially ESG and clean-energy focused funds.

Momentum supported by fundamentals:

The timing matters because the inclusion follows a major operational recovery:

Market value rebounded to roughly £1.11bn

FY2026 revenue guidance was upgraded to £40m–£43m

The company has shown improving execution after a difficult 2023–2024 period

Potential short-term trading effect:

Stocks entering MSCI indices often experience:

short-term demand spikes ahead of rebalancing,

elevated volatility near the effective date,

then normalization after passive flows settle.

For hydrogen-sector investors, the announcement is also symbolically important because it suggests public markets are again rewarding balance-sheet strength and commercial progress rather than purely speculative hydrogen narratives.

The MSCI May 2026 index review changes officially take effect at the close of 29 May 2026.

Oops I missed that. Thanks Bilbo

@DonBroco See if this works https://ibb.co/rGBRWJ0F

Ignore the time, the app will allow me to change to local time when seeing the trades live but the moment I use the time and sales it is an hour out. Then when the clocks go back I have 6 months of it being correct.

Hi @DonBroco I am using IG L2. I open the time and sales section and I can see the trades in there. I only have a few hours window or if the trades are flying through a shorter window to see them as it updates quickly. Example if I can see 200 trades but the volume is moving then those 200 would flush through very quickly. Today the current volume is 2.7m but only 767 trades at the moment so was able to select highest to lowest traded and can see the 350k, 250k and 100k buy sitting there.

Someone bought 350k shares at 162.4 Bid was 161.2 at the time and buy was 161.8. It was at 09:10:20

Bilbo was this you? (Just joking but if so, could I borrow a few :-)

Shorts looked to have dropped.

Helikon from 1.54% to 1.46%

Qube from 0.68% to 0.53% when Qube drop to 0.50% we will lose sight.

Voleon from 0.70 to 0.80%

OK thanks

Hey Digi, earlier you said 500k to be bought back by close. Was wondering if you could share how you knew this?

Thanks.

Which auction winner could itm work with?

The most plausible IF25 winners for ITM Power involvement are probably the projects where:

PEM electrolysers are a strong fit,

the developers already work with multiple OEMs,

and project scale is large enough to diversify suppliers.

The strongest candidates look like:

MorGen — project “NJK” (300 MW, Denmark)

Hy2gen — project “ALBA” (100 MW, Denmark)

Uniper — potentially via broader German hydrogen ecosystem links around “Lotse”

Gen2 Energy — maritime hydrogen applications

GREEN H — smaller maritime-focused hydrogen supply

The most interesting one is probably MorGen/NJK.

Why?

NJK is one of the largest IF25 winners at 300 MW.

ITM increasingly targets large industrial PEM deployments using its 20 MW POSEIDON modules.

Large projects often split electrolyser supply across vendors for bankability and execution risk.

Industry discussion already speculates about a possible ITM angle because of prior MorGen ecosystem links, although nothing official has been announced.

That said, there is an important caveat:

MorGen has previously been publicly linked with Plug Power on other Danish projects, including Esbjerg-scale developments.

So ITM is not the obvious incumbent supplier there.

Hy2gen is also credible for ITM because:

Hy2gen develops multiple European e-fuels and hydrogen projects,

and European developers often maintain multi-vendor procurement strategies instead of relying on one OEM.

The German “Lotse” project is strategically interesting too:

Germany is becoming one of Europe’s biggest electrolyser markets,

ITM already has strong German industrial visibility through:

Linde partnership history,

and Uniper selecting ITM for the 120 MW Humber project.

The Norway maritime projects (Gen2-LH2 and RogalandH2) are possible but probably less likely:

they are smaller,

maritime LH2 projects may optimise more around integrated logistics and cryogenic handling than ITM’s strongest industrial-scale niche.

I asked Chatgpt to estimate who ITM could work with...it is a guess and not to be taken as gospel or getting excited and calling £3 a share :-)

https://climate.ec.europa.eu/eu-action/eu-funding-climate-action/innovation-fund/calls-proposals/if25-hydrogen-auction_en?trk=feed_main-feed-card_feed-article-content

The page you shared is the European Commission’s official call page for the 2025 Innovation Fund hydrogen auction (“IF25 Hydrogen Auction”) under the European Commission European Hydrogen Bank initiative.

Key points from the call:

Total budget: €1.3 billion

Funding source: revenues from the EU Emissions Trading System (EU ETS)

Objective: support production of:

renewable hydrogen (RFNBO hydrogen)

electrolytic low-carbon hydrogen

Support mechanism: a fixed premium payment per kg of hydrogen produced, paid for up to 10 years after verified production.

The auction has three funding buckets:

RFNBO hydrogen production — €600 million

RFNBO + low-carbon hydrogen production — €400 million

Hydrogen supplied to maritime or aviation sectors — €300 million

Recent developments:

The auction closed on 19 February 2026

It received 58 bids requesting about €8.4 billion, heavily oversubscribing the available budget

On 7 May 2026, the Commission announced 9 selected projects across 7 countries.

Examples of selected projects include:

“Cloudberry” in Finland

“NJK” and “ALBA” in Denmark

“Lotse” in Germany

“Gen2-LH2” in Norway for maritime/aviation supply.

The official call page is here:

European Commission IF25 Hydrogen Auction page

Related background on the Innovation Fund:

Innovation Fund auctions overview (CINEA)

Info day recording:

A notable takeaway is that the auction continues to be massively oversubscribed, which signals very strong industry demand for EU hydrogen subsidies and growing competition among developers. Several analysts and industry discussions also note that bid discipline is becoming important after earlier auctions saw some overly aggressive bids struggle commercially.

Can ITM be involved in the above please?

Yes — ITM Power could absolutely be involved in projects connected to the IF25 Hydrogen Auction, although likely as a technology supplier and project partner rather than as the direct auction bidder itself.

Here’s how that works in practice:

The auction funds hydrogen production projects, not electrolyser manufacturers directly.

Winning bidders are usually:

utilities,

industrial gas firms,

energy developers,

infrastructure consortia,

or large industrial users.

Companies like ITM Power participate by supplying:

PEM electrolysers,

engineering expertise,

integration systems,

service agreements,

and technology platforms to those funded projects.