Member Info for JeffMills

Not much to add, but fantastic news and a really strong close — especially with the markets across the pond in the red. Great to see some strength holding here. Hopefully, with the Hydropulse RNS potentially hot on the heels of this, we’re at the start of a positive run of news and momentum really starting to build as we move past £1.

Ripple effect from US worries of “bad loans” — loans that borrowers can’t repay — raising fears of hidden losses and broader financial trouble.

Powell hinted at more US rate cuts — Plug flipped from -6% to +3% after the news. ITM closed before the announcement, so wouldn’t be surprised to see a rebound tomorrow. For those interested in daily sp movements.

ITM Power’s PEM electrolysers rely on iridium and platinum — both part of the platinum group metals that South Africa dominates globally (it produces around 70–80% of the world’s supply). Iridium’s one of the rarest elements on Earth, and it’s critical for the oxygen side of the electrolyser because nothing else really survives those conditions long-term. They also use titanium for plates and flow fields, since it can handle corrosion under high voltage. So even though South Africa’s got its corruption and infrastructure issues, it’s still a key player — it literally holds the metals that make green hydrogen possible. Without PGMs from that region, scaling PEM electrolyser manufacturing gets way harder and more expensive.

A certain Rick Sanchez, aka Tuna, has resurfaced on the AFC board after vanishing since February. Looks like his Tuna account got the boot after that little “Dennis is a fraud” meltdown. Anyway — let’s not turn on each other. He’ll be here soon enough.

We’re not just making claims on people leading — ITM publicly validated a 40 % drop in iridium loading (on top of earlier 80 %+ reductions) while holding performance. That kind of measurable, proven reduction is not yet matched by Plug or Nel, at least in the public sphere. It’s a technical lead with backing.

Repsol has today announced that it has approved the construction of a 100MW green hydrogen project at its industrial complex in Cartagena, eastern Spain.

Anyway, Bloom Energy finishing near its opening price and Plug going from being down 10% to closing only 1.5% off tells me momentum’s already turning back up. We’ll see tomorrow, but just a gentle reminder — Hydropulse has real near-term value for shareholders.

In my opinion, the drop these last few days is down to Powell’s remarks on rates — nothing to do with Trump and nothing to do with ITM itself. Powell said policy is only “modestly restrictive” and warned against cutting too quickly, basically saying if they ease too fast inflation could flare up again. That kind of talk hits growth stocks because higher rates mean more expensive borrowing and future earnings get discounted harder. Only last week they were signaling two further cuts ahead, which in my view is what helped the share rise — so this pullback looks more about Powell’s caution than anything company-specific.

Just a gentle reminder: Dennis has already said that Hydropulse will deliver serious near-term value to shareholders. And “serious” to me means substantial, especially since he made that comment after the share price had already climbed from around 25p to ~80p at the time.

That’s why I completely agree — selling at £1 would make little sense given the potential still on the table. That said, people invest for different reasons and timeframes, so there’s no absolute right or wrong — just different strategies.

Once in profit; I’ll decide an exit strategy. £5 +

The 500MW capacity reservation has already begun call-offs, which means parts of that order are moving into manufacturing or have been formally placed. Importantly, an RNS isn’t required unless this materially changes the annual targets already outlined in Results.

So when you add the 150MW, the 500MW, existing commitments, and Hydropulse, the path becomes clear: profitability is coming much earlier than many anticipated. This is driven in large part by the Neptune Vs, which deliver significantly higher margins than the traditional Trident line, lowering the megawatt threshold needed to break even.

Taken together, it suggests we could realistically see profitability by 2027–2028, at a much lower capacity than first expected. With Hydropulse still to come, how close we already are to profit is not only surprising — it’s genuinely exciting

80p test today?

Plug Power up 19% — sentiment starting to build.

Only 6% of his imaginary portfolio is ITM, yet 100% of his posts are in the ITM forum. You couldn’t make it up. 🤦

The proof is in the sp 🫡

We already know Trident needed around 400 MW to break even, but Neptune V’s break-even point is significantly lower. Management hasn’t given the number, but it’s reasonable to assume something in the 250 MW-or-below range. On that basis, if ITM secures even 50% of RWE’s 2 GW target by 2030, the RWE allocation alone would carry them through break-even. Add in hydropulse, which likely trims another 100 MW off the breakeven threshold, and you can see how close profitability really is. I think the market is going to wake up to that — and in my view, the share price could easily be back at £1 by the end of the month.

At £4.3m per 5MW unit, 150MW (30 units) equates to roughly £129m in total value. A capacity reservation doesn’t mean RWE pays the full amount up front; it typically involves a deposit to secure production slots, often in the 5–20% range. That implies an initial financial commitment of £6–26m, with the remainder released as projects are called off and move into firm orders.

If the 20MW Har 1 call-off comes this week alongside the 150MW RWE reservation, and with the nuclear vote on low-carbon hydrogen in the mix, the setup for £1 is clear. As holders, that’s the outcome we’d welcome—but even if the timing drifts, the important thing is the consistency of real, material progress Dennis is delivering. Very happy. 👏

That’s a repeat vote of confidence from one of Europe’s biggest players, showing ITM’s tech is no longer about potential, it’s about delivery. This is how momentum builds toward a true breakout.

Even in his own made-up world tuna finds a way to lose — the only guy who can sell imaginary shares at a loss.