Member Info for JeffMills

ITM hasn’t “choked” — it’s consolidating. After a from 25p to 95p just a few months ago, now sitting in a tight 60–70p range for weeks is exactly what healthy price action looks like. The only one choking is the village idiot who had to retire his “bubble” chant once the market refused to collapse. He’s filtered, but you can smell him from here.

Local genius forgets green hydrogen exists to cut emissions, not pad profits

So you’ve been here 20 years, but only just realised profit doesn’t happen before scale? Yeah, sure you have…

Big oil and energy companies have built their profits on cheap gas and oil, they naturally frame green hydrogen as “too expensive” — but that’s only true if you ignore the subsidies propping up fossil fuels. Firms like Scottish Power have said they can’t make money from green hydrogen yet because it’s early-stage, capital-intensive, and margins are thin. In short, they’re not saying it’s technically impossible — they’re saying it doesn’t fit their current profit model, which depends on keeping fossil fuels artificially cheap.

Spot on. Grey hydrogen, made from natural gas, comes in at around £2–£3 per kg once you take away fossil fuel subsidies. Green hydrogen today is already being produced at about £6 per kg, and with technologies like ITM’s upcoming Chronoe, costs are expected to fall sharply — potentially making green hydrogen cost-competitive with grey in the near future. While not wrecking the planet.

A call-off is a contract, but the key thing is the 500MW reservation was already RNS’d — that’s the price-sensitive bit. Call-offs are basically chunks of that reservation being firmed up into build slots. They’re important operationally, but unless a single call-off is big enough to shift guidance or change what the market’s been told, it doesn’t trigger a new RNS. It’s execution of what’s already disclosed, not a brand-new contract.

Absolutely — and there’s a reason the hiring is picking up. Dennis Schulz already said the 500 MW capacity reservation saw its first call-offs earlier this year — i.e., the “mystery” customer started converting reserved factory slots into firm orders. That’s when you move from pencilled capacity to locking materials, scheduling production, and… yes, adding roles like planners and engineers to deliver.

In other words: reservation = future intent; call-off = actual build. ITM flagged from the start that this deal would be called off in chunks through to 2028, and the first chunk has begun — which lines up with the fresh Sheffield job posts you’re seeing. Update re this soon imo.

20 MW MorGen Energy (West Wales, UK)

• Aug 2025 – Signed binding supply and long-term services agreement for a 20 MW project. Permits and terms already close to completion.

• Expect FID in late 2025, with construction starting soon after.

• Deployment by 2027.

300+ MW APAC Project

• May 2025 – Selected as supplier for over 300 MW of electrolysers for a green hydrogen power plant in Asia-Pacific. Funding already approved.

• Expect FID in 2026, given scale, permitting, and offtake negotiations.

120 MW Humber H₂ub® with Uniper (UK)

• Jun 2025 – Signed FEED for Uniper’s Humber H₂ub® project: six 20 MW POSEIDON modules.

• Project targeting FID in 2026–2027 window (aligned with UK government funding rounds and regulatory clarity).

• Operational by 2029 if timelines hold.

Hydropulse Subsidiary & ABO Energy Partnership (Spain & Finland)

• June 2025 – Launched Hydropulse GmbH, focused on modular, decentralised hydrogen for industrial clients.

• August 2025 – Announced strategic partnership with ABO Energy to roll out hydrogen-as-a-service projects in Spain and Finland. ABO provides pipeline projects and identified early customer demand.

• Late 2025–2026 – First project FIDs expected, depending on permitting and offtake contracts.

• From 2026 onwards – Deployment of Hydropulse units in Spain, Finland, and potentially broader European markets.

Here’s some notes:

50 MW Pre-FID Project (Europe)

• December 2024 – Signed a Front-End Engineering Design (FEED) contract for a 50 MW green hydrogen site, based on ten 5 MW NEPTUNE V units.

• 2025 – Customer has stated intention to reach Final Investment Decision (FID) during the year. FEED design, permitting, and financing milestones are underway.

• 2027 (H2) – Targeted operational start.

Mind you, what does it matter?

The Netherlands Enterprise Agency (RVO) has awarded €551m ($645m) to German energy firm RWE to build its 100MW green hydrogen plant in north of the Netherlands as part of the Dutch government’s Sustainable Energy Production and Climate Transition Incentive Scheme (SDE++).

That post’s enough to give paracetamol a headache..

The market already moved nearly 10% just on the Berenberg upgrade and another few percent on the ABO Energy partnership news, (dropped back last couple of days but normal) ..

so imagine the reaction when there are signed offtake agreements with names in Spain or Finland. That would give the hp real credibility, especially with the H₂-as-a-Service model showing up as recurring revenue potential. Spain’s hydrogen push with public funding only adds to the backdrop. Even though units wouldn’t deliver until 2026/2027, the market prices in orders, not the production. So if those deals drop in the next 2-3 weeks, I think £1 is absolutely realistic.

They’ll almost certainly be crated or bolted down to reinforced pallets, then moved on heavy-goods trailers with proper weight distribution. For stuff that valuable you don’t just “hope for the best”: they usually stick on shock/tilt indicators that change colour or log if something gets dropped or tipped, so the customer can see if it’s been mishandled. Insurers pretty much demand that level of tracking these days. Between that and photo records of how it was packed, they’ve got a way to prove it left the factory in one piece and flag if anything went wrong in transit.

Garrone. Investor or day-trader? Because saying ITM ‘isn’t getting UK contracts’ is comedy when they’ve literally got the Uniper Humber project on the books — 120 MW, one of the biggest in Europe.

To pretend that means nothing, you’d have to be living in conspiracy land

The “serious near-term value” is on its way. If Hydropulse lands even 5–10 modular projects through the ABO Energy pipeline over the next few years, you’re talking serious recurring revenue. A 10 MW electrolyser can produce ~1,500 tonnes of green hydrogen a year. At €5–7/kg, that’s €7–10 million annual revenue per site. Multiply that by multiple projects and suddenly you’re looking at tens of millions in contracted revenue each year, with long-term growth upside as more projects come online.