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I am going through the Project Horizon presentation and noticed that they mention for Chronos that they "have begun engagement with existing customers regarding field trials for next year" - see 12:36 in the video. Based on previous experience from Trident, do we have an idea on what that could mean for finalizing the Chronos design and moving to commercial operation? Based on a quick AI research, design optimization during field trials and subsequent manufacturing optimization could be finalized by 2027 with commercial roll out in 2028. Does that sound reasonable?

I wonder what % of the 20 GW sales pipeline communicated in recent presentation, is covered by the NATO deal.

I am wondering whether this week's increase is in relation to the index inclusion (i.e. its the index premium due to front-runners buying in anticipation of passive buying at closing auction today) and next week we have a better idea of where price will be? Anyone with experience on this?

I also remember those days down to the 40s-20s and it wasn't easy to hold. But these were the levels, where I also increased significantly my holdings with buying circa 50,000 additional shares on my ISA mainly with the help of research and insight of many members here who are still actively commenting up to this date. I also remember Tuna's comments vividly. I wasn't bothered too much by them, as they were offering some debate, though we was repeating some things again and again. I don't understand why he stayed around that long when he didn't believe in the company. The theory that he was a shorter is plausible, but then again how greedy could they have been at that time to attempt to talk it down even further? Remember those were prices close to the company's asset values! In hindsight it seems crazy that the shorters didn't unwind back then, although volumes were generally low.

For what is worth:

1. Even though green hydrogen is still more expensive than grey, Chronos will reduce costs significantly. This will make green hydrogen adoption considerably more attractive, especially for European offtakers who are now legally required under RED III to phase out grey hydrogen. Also fluctuations to gas prices due to geo-political reasons, might be more difficult to predict than energy costs , where PPAs can guarantee prices for many years. Most importantly, I see Chronos as a safeguard against cheap Chinese alkalysers. Remember even if Chinese electrolysers are cheaper, import and EPC costs for use in Europe increase their cost significantly. I think that's why Dennis doesn't look to be too concerned with Chinese competition.

2. Europe targets for reducing grey hydrogen are significant. Yes these can def drift off as we have seen e.g. in wind energy sector during the sector's euphoria. Targets are 42% of industrial hydrogen to be renewable by 2030, rising to 60% by 2035. If you consider that green hydrogen is a tiny part of the market now, the potential is huge, even if only small percentage of them is won by ITM Power. Considering the healthy cash runaway ITM is sitting on atm, it seems like if you want to invest in the sector, it is a safer place to be (compared to other green hydrogen companies with more struggling balance sheets). Also Justin's comments from Friday just re-iterated how important a healthy balance sheet is for offtakers, who want to ensure that the supplier is still there after 15-20 years.

The question of how long to stay invested here, can be answered in many different ways, but my simple response is: until Chronos reaches commercial maturity. There will be ups and downs until then, but after that things might move at a pace we haven't seen before.

As a LTH nothing has changed for me the last 2x days. For me, the most important thing is that within the last 2x weeks I woke to two RNSs I wasn't even expecting, which completely redraw the investment case for me. On top of this, hearing Dennis saying "we are not done yet" and having yet heard from Hydropulse means this is indeed only the start. Crazy that Qube increased their short. I will sit back and enjoy

Fair enough and thanks for the recommendation (by the way the formatting errors were not noticed when I posted). My post is more of a question to the more experienced here, rather than a statement. Now that the production and transport of ammonia has been hindered because of the war with Iran, does that create an ever greater opportunity for ITM Power if governments are to act on mitigate risks in food production?

(Note: I don't think my posting is such a waste of reader's time, considering all the talk that is taking place here in the last weeks or so).

I was thinking about how the war in Iran has impacted the production and transport of fertilizers and the potential impact on green hydrogen. Below a compilation with the use of AI.

The ongoing conflict involving Iran has triggered a global "war on nitrogen" by paralyzing the production and transport of essential fertilizers, primarily through the closure of the Strait of Hormuz. As of late April 2026, analysts and humanitarian organizations are warning that this disruption could lead to a massive, multi-year famine by late 2026 and 2027.

The Fertilizer Squeeze

Strait of Hormuz Blockade: Nearly one-third of the world's global fertilizer trade, including essential nitrogen (urea and ammonia) and phosphate, normally passes through this chokepoint, which has been largely closed since late February 2026.

Production Collapse: Major regional producers like the Qatar Fertiliser Company (QAFCO)—which supplies 14% of the world's urea—have gone offline due to strikes and gas shortages.

Double Impact: The crisis is being called a "double impact" because both the physical supply of raw materials is choked off and the skyrocketing price of natural gas has made domestic production elsewhere prohibitively expensive.

Impact on Global Food Production

The timing of the conflict is particularly critical as it coincides with the 2026 spring planting season in the Northern Hemisphere.

CSIS | Center for Strategic and International Studies

CSIS | Center for Strategic and International Studies

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Yield Collapse: Approximately half of global food production depends on synthetic nitrogen fertilizer. Without it, yields for staple crops like wheat, maize, and rice are expected to tumble.

Farmer Adaptation: Many farmers are "rolling the dice" by reducing application rates or switching to less fertilizer-intensive but lower-margin crops like soybeans.

Price Shocks: Fertilizer prices have doubled in many regions since the war began, reaching heights not seen since the 2022 energy crisis.

The current conflict involving Iran and the subsequent "war on nitrogen" is creating a massive strategic opening for green hydrogen companies like ITM Power. By using renewable electricity to split water into hydrogen, these companies can bypass the natural gas supply chain that is currently paralyzed by the Strait of Hormuz blockade.

IFPRI

IFPRI

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Strategic Impact on ITM Power

As of April 2026, the crisis has fundamentally shifted the economics of the green hydrogen sector:

Cost Parity with Fossil Fuels: For the first time, green ammonia has become cheaper than grey ammonia in parts of Asia. This is because the "grey" ammonia produced from natural gas has seen prices skyrocket due to gas shortages and shipping detours.

Massive New Demand: Major agricultural nations are moving to secure domestic fertilizer production to avoid future famines. For example, the Indian government has signed deals to buy nearly 700,000 tonnes of green ammonia per year

There's a comment on T212 that I have included below. Any thoughts/reflections on expressed views?

"

RR and ITM are intertwined:

The link between Rolls-Royce and ITM Power is a critical "producer-to-consumer" relationship within the UK’s hydrogen ecosystem. While Rolls-Royce focuses on the combustion and propulsion (the patents we discussed), ITM Power provides the infrastructure to generate the green hydrogen needed to fuel those systems.

As an investor in this space, here is how their technologies and business goals are currently intertwined:

1. The Fuel Supply Link (Green Hydrogen Production)

Rolls-Royce’s hydrogen patents for aviation and land-based power (mtu engines) are useless without a reliable supply of Green Hydrogen.

• ITM Power’s Role: They manufacture PEM (Proton Exchange Membrane) electrolyzers, which split water into hydrogen and oxygen using renewable energy.

• The Synergy: For Rolls-Royce to sell "H2-Ready" power plants (like the modular units launched in early 2026), their customers need onsite electrolyzers. ITM Power’s TRIDENT and POSEIDON modules are designed to be the "plug-and-play" fuel source for these types of industrial applications.

2. Strategic Partnerships & "Project Chronos"

In April 2026, the UK government and Great British Energy announced significant funding for Project Chronos, a major expansion of ITM Power’s manufacturing in South Yorkshire.

• Rolls-Royce Connection: Rolls-Royce is a key industrial partner in various UK hydrogen consortia. As ITM Power scales its output capacity to reach the GW level, it lowers the cost per kilogram of hydrogen. This makes the adoption of Rolls-Royce's hydrogen-patented engines more economically viable for airlines and grid operators.

3. Power Systems (mtu) and Grid Balancing

Rolls-Royce recently launched modular gas engine power plants (February 2026) that are designed to compensate for fluctuations in wind and solar power.

• The Loop: ITM Power's electrolyzers can use "excess" wind energy to create hydrogen, which is then stored. When the wind stops, the Rolls-Royce mtu Series 4000 engines (which use those specific fuel-injection patents) burn that stored hydrogen to put power back into the grid.

• Technical Integration: Both companies are working toward standardized interfaces so that an ITM electrolyzer and a Rolls-Royce hydrogen engine can operate on the same software "brain" (like Rolls-Royce’s mtu EnergetIQ).

4. Aviation Infrastructure

While Rolls-Royce holds the patents for the Supercritical Hydrogen fuel systems inside the plane, ITM Power is focused on the ground refueling infrastructure.

• The Challenge: Liquid hydrogen (LH2) required for Rolls-Royce's patented "Cold-Start" systems must be produced and liquified at airports. ITM Power is the primary UK candidate to provide the high-pressure electrolysis units at transport hubs to support the "Entry into Service" goals Rolls-Royce has for the mid-2030s.

"

I have never commented here, but have been invested in the last 2-3 years. I want to say a big thank you to all you LTHs (you know who you are) who have been through the years so active on this board making the case for ITM Power, staying positive through the lows and doing this detail research. You are the reason I stay invested (I have appr. 113k shares on ISA and SIPP and not selling any time soon).