Member Info for JeffMills

Here’s the plan summarised through my notes:

1. Green hydrogen gets its own subsidies under the Clean Industry Bonus

They’ve extended the £544 million Clean Industry Bonus—previously for offshore wind—to now include hydrogen projects. That means direct factory/location incentives for electrolyser plants, pipelines, storage hubs, and related supply chains.

2. Dedicated green hydrogen funding and auctions

A new action plan includes specific subsidies and auction rounds (like HAR1/HAR2) aimed at scaling up production, storage, pipelines, and even hydrogen-fired power .

3. £500 million for hydrogen infrastructure

They’re rolling out £500 million to build the UK’s first regional hydrogen network by 2031, which includes pipelines, storage (salt caverns, etc.), and distribution hubs.

4. Significant private leverage expected

The £544 m bonus has previously shown a £1 → £17 private investment leverage from offshore wind. Expect similar multiples now applied to hydrogen projects .

It’s 9:30 and Spicy’s already arguing with strangers about the news — not the market, just the news. This is starting to look less like investing and more like a cry for help. 👍

ITM raised £250m at £4/share in 2021. They’ve still got over £200m on the balance sheet in mid-2025, with projected annual burn WELL below that — and they’re now net cash generative. There’s no funding pressure, no structural cash issue, and no need to raise before at least 2028.

If they chose to raise again at £4/share in 2027, they could comfortably bring in another £200–250m without dilution risk. The balance sheet is a position of strength, not a concern.

So no — ITM doesn’t have a burn problem. What they have is optionality. What are you talking about lol..

But I know what you are saying; however the main difference is, on a huge project like Kintore, the FEED isn’t just about the electrolyser — it covers everything: site layout, grid connection, permitting, utilities, safety systems, civils, you name it.

That’s not really ITM’s job — we’re a technology provider, not a full-scope EPC (Engineering, Procurement & Construction) firm. So on something that size, they’ll bring in a massive outfit like Worley to handle the whole design and coordination.

ITM would only lead the FEED if it’s focused mainly on the electrolyser system itself, like with Uniper — where we’re already embedded in the tech stack. On mega projects like Kintore, we’ll likely supply the tech, but someone else runs the broader design. Makes perfect sense.

What I was saying is simple: the market already expected ITM to be doing the FEED once we were announced as selected for Uniper. That’s why the share price didn’t jump — it was priced in.

Dennis doesn’t drop pre-FID announcements unless there’s a high level of certainty around deeper involvement. So when the FEED got confirmed, it wasn’t new information to anyone paying attention — just confirmation of the next logical step.

If this had been a brand-new project or out-of-the-blue FEED award, then yeah, we’d probably have seen a 10–20% move. But this is the market saying: “Good — as expected.” And in this sector, predictability is a strength, not a weakness.

It’s a strange reaction, yes — but not unexpected when you look at the broader market. Signing a commercial agreement that puts real money on the balance sheet is objectively positive, especially when it likely crosses a material threshold, hence the RNS.

As for the FEED — whether it’s a fixed fee or consultant-based hourly rate (£250–£400 is realistic), the key point is this: Dennis wouldn’t announce a pre-FID deal unless there was a high degree of certainty that ITM would be selected to deliver the FEED. That’s been his pattern — no fluff, no noise, just substance.

This has likely been priced in for a while. The market knows Dennis doesn’t announce unless there’s real intent behind it. The drop today is far more likely driven by macro pressure — particularly uncertainty in the Middle East — not the RNS itself.

Had this news come in as a first-time project announcement and a FEED contract, you could easily have seen a 20% jump. Instead, the market sees it as confirmation, not surprise — and that’s a sign of growing trust in delivery

I get the FID argument, but we don’t need one to pass £1 this summer. There’s a load of stuff that could move this before then:

– Another big project selection (like uniper scale)

– New partnership or big-name MoU

– Neptune v sale progress or cost/margin improvements

– EU/UK hydrogen funding movement

– Even just a shift in sentiment with volume

The market’s clearly warming up — it won’t take a full FID, just a bit more confirmation we’re heading the right way. And that’s already happening.

What on earth is Spicy going on about now? Is he seriously trying to spin a hypothetical raise before 2029— potentially on the verge of profitability in 2027, with hundreds of millions (if not billions) in contracts — as some kind of red flag?

We raised £200 million + before, with no delivery record, no large-scale commercial orders, and no industrial credibility. If ITM were to raise again in 2027, it would be from a position of strength — not desperation. That’s what scaling clean energy infrastructure looks like.

He’s twisting a completely normal, strategic possibility into a negative — and it’s starting to look desperate. Either he doesn’t understand how growth-stage companies operate, or he’s just hoping no one else does.

Clued…Calling AFC’s ammonia cracker “competing tech” to ITM’s PEM electrolysers shows a real misunderstanding of the space. AFC’s cracker is about converting ammonia back into hydrogen — a niche application mostly for fuel cell off-grid or mobile use.

ITM’s tech is focused on producing green hydrogen at scale from renewable electricity — a completely different part of the value chain. They’re not competing — they’re barely even in the same conversation.

Hang on — was that meant to be a negative? Because if we’re following the dot-com playbook, the bubble bursts, the weak players drop out, and the real ones — like ITM — go on to dominate the space. Honestly, it’s starting to look exactly like that.

Spicy’s gone from “balanced view” to calling green hydrogen the dot-com bubble. Not sure he even knows what that was… doesn’t he realise some of the biggest companies in the world came out of that? Amazon, Google, Ebay — ever heard of them, mate? Maybe sit this analogy out.

You’re right — I’m done. The argument’s getting ridiculous at this point. Yeah, apparently a 200% rise proves pre-FIDs are worthless. Makes total sense… if you don’t think about it for more than two seconds.

Spicy’s acting like the rest of us don’t understand how the market works now — “why hasn’t the share price went to 400p?” Mate… because the market’s waiting on FIDs. We all know that. It’s not some genius insight, it’s basic.

What we’re not doing is spinning conspiracy theories that none of them will ever happen. That’s where you lose the plot. Big hydrogen projects take time, and the serious money moves after FID — not on announcement day. That doesn’t mean they’re fake. It means the market wants confirmation, and that’s exactly what’s coming.

You’re not exposing some flaw — you’re just shouting obvious things and pretending they’re revelations.

Funny how just a couple of months ago spicytuna was shouting that ITM was “small fry” and that Nel, Plug, and Siemens would be taking all the contracts — we were apparently finished.

Now ITM’s stacking up HAR2 projects, racking up serious capacity reservations… and suddenly pre-FIDs are “just handshakes.” Strange — I haven’t seen Nel announcing many of those lately. What happened to the gold standard?

Honestly, the guy’s got zero shame. Shifts the goalposts every week and hopes no one remembers what he said last time.

And if you are invested — then congrats, you’ve been lucky, not smart. Because judging by your posts, you haven’t got the slightest clue what kind of position ITM is actually in.

They’ve already been chosen for three HAR2 projects, including Uniper — some of the biggest hydrogen infrastructure projects in Europe. That’s not noise. That’s serious industrial scale-up. But here you are still pretending it’s all “handshakes” and hoping no one notices you don’t understand what’s going on.

Honestly, if you’re holding shares while talking like this — you’re probably the first person in history to accidentally invest in the right company while trying to talk it down daily.

Alright spicy, here’s some actual facts for you — since you’re clearly in meltdown mode again:

Fact 1: If even one or two of these FIDs land — and let’s be honest, they will — this doesn’t creep up, it jumps. You’ll be watching from the sidelines while the rest of us are sitting at £2.50+ wondering if you ever actually held a single share.

Fact 2: Calling these major agreements “handshakes” is pure desperation. These aren’t handshakes — they’re capacity blocks tied to infrastructure, timelines, and real commercial intent. But I get it — when you’re this deep into denial, it’s easier to pretend nothing’s real unless it hits the RNS with flashing lights.

Fact 3: If you genuinely believe none of these FIDs will ever happen, you’re not cautious — you’re a full-blown conspiracy theorist. What’s next? Dennis is faking the PowerPoints? The electrolyser test bays are CGI?

Fact 4: You screamed last week that you’re “invested” — yet every post since sounds like someone who’s been emotionally shorting the company since 2021. You’re not invested — you’re obsessed.

Keep shouting into the void, mate. The rest of us are watching this build brick by brick — while you rewrite your own investing history one bitter comment at a time.

Calling these capacity reservations “just handshakes” is pure comedy. What does he think this is — two blokes in hi-vis shaking hands in a car park and walking off? I'm starting to think he's having a laugh with us all.... hahaha

First it was a bubble, remember? Spicy said the rise from 25p was all hype and heading straight back down. Two weeks later… we’ve been holding steady in the 70s. Strange — not quite the collapse he was preaching.

Now he’s claiming we’re down 5% since the HAR2 project announcements, when we’re actually up around 5%. He’s just throwing things at the wall at this point — post after post, blocking anyone who catches him out because he can’t handle getting called on his nonsense.

It’s getting desperate. He’s not debating, he’s deflecting — because deep down, he knows the rerate’s real and he backed the wrong narrative. Embarrassing stuff.

The reason names weren’t in the RNS isn’t because the customers are “shy” — it’s because big companies don’t announce suppliers until everything is fully signed off. That’s normal when you’re dealing with serious, large-scale projects.

It’s actually a good sign — it means ITM is working with proper clients who are careful, professional, and playing long-term. These aren’t hype deals. The orders are real, the scale is big, and more will come.

ITM doesn’t need to shout right now — they’re letting the progress speak for itself. And the market is starting to listen.

What’s funny is you know exactly how this went last time. Under Cooley, the board overhyped everything — and fair enough, that didn’t end well. But under Dennis? It’s the complete opposite. He underpromises and consistently overdelivers. Cash flow targets? Beat. Revenue guidance? Beat. FIDs? He said hopefully some this year — watch him smash that too.

So let’s stop pretending you’re just a concerned investor. You’re not. You’re either a bagholder from 400p still bitter, or someone who missed the bottom and can’t handle the fact people bought in smart and are now up 2–3x.

You told this board to sell at 25p — while holding at 50p yourself. Then watched it climb to 96p and didn’t sell? That’s not strategy, that’s either lying or emotional investing. Either way, no one’s buying the “reasonable critic” act anymore.

And when we’re sitting at £2.50+ in the next 12 months, you’ll still be here posting, “Yeah but it’s not back to 400p yet and there's no guarantee of more FIDs,” while others are sitting on life-changing gains. You’ll be holding nothing — just your own bad calls. Again.