Member Info for JeffMills

Here what they’d say if the needed to answer that imo:

Expanding factory capacity when justified by demand

• Investing in automation to improve throughput and reduce unit costs

• Scaling supply chain partnerships for long-term component security

• Funding working capital to support larger, more complex projects

• Accelerating product development (e.g. next-gen stacks or balance of plant)

• Building out service & maintenance infrastructure for installed base support

• Hiring and retaining key talent in engineering, operations, and delivery

• Entering new geographies or preparing for international manufacturing

• De-risking large commercial contracts (e.g. performance guarantees, buffers)

• Strategic partnerships or JVs that align with scaling or market entry

• Selective marketing and brand positioning as commercial traction builds

Not really a silly question, but it’s kind of obvious, no? We’re scaling. That cash pile isn’t just sitting there — it’ll go into new factory space when needed, expanding capacity, and keeping momentum as we push into commercial delivery. The institutions that came in at £4 backed the long-term industrial play, not a quick win. If we’re finally going cashflow positive in H2, it means the model’s working — now it’s about executing properly.

The evidence is in the SP. Why hasn't it dropped the SP since getting announced?

As someone said earlier.. Snam first invested in ITM, the bet was on electrolyser technology — clean, scalable, PEM-based hydrogen production. At the time, ITM was very much a component supplier — it made sense for Snam, whose interest was in infrastructure and energy transition exposure, to have skin in the game at the technology level.

But fast forward to 2025, and ITM has made a deliberate pivot. Hydropulse marked a major shift — ITM is now positioning itself as an active hydrogen producer, integrating generation and distribution with commercial offtake models. That’s not just a tech play anymore — that’s entering the midstream, potentially even competing with legacy gas infrastructure in some future models.

For Snam — a regulated utility and gas infrastructure operator — that creates a potential conflict of strategic interest. Their core business is transporting and storing hydrogen and gas, not investing in companies that may now be evolving into parallel suppliers or operators in their own right.

Add to that the fact that Snam is actively investing in large-scale hydrogen backbone infrastructure across Europe — they don’t need exposure to stack manufacturing risk anymore. They’re building out the pipes, not betting on which OEM will win the electrolyser race.

So they cashed out — and likely redeployed into projects more aligned with their mid- to long-term regulated infrastructure roadmap.

That’s not bearish. That’s called maturity of strategy. And it often happens when the company they invested in starts growing into something bigger than what it was when they first got involved.

That kind of surface-level thinking one idiot in here pushes is exactly why some investors consistently miss the bigger picture.

We’ve seen this play before. Bosch sold out of Ceres — and within months, Ceres inked a major contract with Doosan. Institutions move early. Sometimes for their own reasons. Doesn’t mean the asset is broken — just no longer a fit for their evolving mandate.

Snam’s recent focus has shifted towards large-scale pipeline infrastructure, blending projects, and H2 storage. ITM is moving deeper into electrolysis tech supply — not exactly Snam’s core game. So theres one reason why they may have sold.

Rolls-Royce are now backing e-Diesel — synthetic fuel made from green hydrogen and captured CO₂ — to replace fossil diesel in data centre backup generators. It works with existing kit, so no retrofits needed, but still cuts emissions.

The hydrogen is confirmed as green.

Also wthey’re doing this out of Germany — where ITM already has strong links. And let’s not forget, ITM just brought on the ex-Rolls-Royce CEO to the board. That now looks very aligned.

Good timing, big signal.

spicy. thought the drop was all down to “handshakes” and a bubble’? so now it’s because snam was selling? starting to feel like all that was just a load of ****e you were talking. clown.

Not me! if I’ve held through the last 4 years, im certainly not selling on the way up based on fundamentals haha.

That being said, my shareholding has tripled thanks to the dips around 40p — so even a move to £2 would be very decent money at this point.

But zooming out a bit… if they hit £500m in revenue and maintain around 20% gross profit, that's £100m gross. Once overheads are scaled and efficiencies kick in, even a modest net margin puts them in serious profit territory. A business doing, say, £40–50m net profit with growth still ahead would easily justify a market cap well beyond £2, depending on dilution and sentiment. So we know thats happening almost certainly imo. Unless we think its all fake and a big conspiracy to steal our money..

I’m actually more bullish in the near term. We’ve averaged 1–2 RNSs a month lately, and Hydropulse is in the background for serious near-term value for remember. If a contract lands there and we’re already sitting near £1 by then, I wouldn’t be surprised to see us testing £1.50 or more going into winter.

I know I shouldn’t laugh, or even mention him, but spicy always cracks me up. The guy’s gone from total cluelessness to self-proclaimed sector expert in just eight months—it's honestly impressive in a bizarre way. Here’s his gem of a post in January:

"ITM still aren’t quite at 400MW annually, but hopefully they hit the target this year! Then maybe the short sellers will finally back off. Worse than the shorts, though, are the day traders—constantly swinging things for their 5-10% gains. Sometimes I wonder if they’re all in cahoots… but hey, that’s just a conspiracy theory for now."

Amazing transformation. From village idiot to hydrogen oracle. What a journey.

At some point tuna, you have to stop reacting to the past and start recognising the trajectory. Otherwise, you’ll get left behind by the very moves you’ve spent months trying to discredit.

My notes on today: Berenbergs forecast for 2028 was based on existing Trident orders, operational improvements, and ~£400–450m in revenue with ~20% gross margins. That alone gives you £40–60m in net income and a fair value of 180p to 250p, based on standard 20× P/E.

But they’re not factoring in Neptune V's as stated, or Hydropulse.

Hydropulse turns ITM into a recurring revenue operator, not just a kit seller. It unlocks deployment without client capex and gives ITM control over long-term returns. That’s a higher-margin, higher-multiple business model.

Neptune V hasn’t even started to scale yet. It’s a next-gen platform designed for serious industrial rollouts—bigger volumes, lower cost, better margins.

When those are both delivering at scale—and if ITM executes as they’ve laid out—earnings could easily exceed £100m annually. At a 30× multiple (reasonable for high-growth clean energy with predictable revenue), that’s a £3bn market cap.

That puts the share price well north of £5.

Berenberg’s £1 target is for today. £5+ isn't ramping—it's where this goes if the strategy plays out. And from what we’re seeing, it's starting to.

I my 3–4 years holding ITM, this is the first time I’ve heard a major institution clearly state there’s a credible path to profitability. That’s not something Berenberg says lightly—and they’ve backed it with numbers.

According to them, we’re not forcing it—we’re gliding toward it. That’s a shift. And it matters.

Proof is in the sp..

The market’s waking up.

Berenberg moved to Buy with a £1 target

Order book building (500 MW quoted, 1 GW potential)

Hydropulse deals are still closing quietly behind the scenes (Dennis seems very confident!!)

The SP returning toward £1 before results is not far-fetched. A single contract RNS or confirmation of early Hydropulse traction would do it in a day. And now that sentiment is shifting, people can feel it.

Ignore the noise. Watch what’s building.

I’ve honestly lost track of what SpicyTuna’s even arguing anymore. Is the claim now that H2 projects across Germany, Hygen, RWE, Shell, the entire planet— they’re all part of some big coordinated fantasy? That they’re just using our tech 'for fun'? Handshakes, conspiracies, the usual noise. It’s laughable.

Let’s be real — once these FIDs land (and they will), the re-rate will speak for itself. Or is the new theory that none of it’s real, and the entire sector’s just a mirage? Come on. Even Ceres just signed a deal in South Korea — clearly serious players are choosing proper tech, not chinese bargain-bin imports like the stuff Spicy spent two weeks going on about. That whole argument was embarrassing then, and it’s aged like milk.

Anyway, back to normal chat — we all know he’s not filtered me, no matter how hard he pretends. Carry on, creep.

Apparently I’ve ‘gone into hiding’ because ITM dropped 10% today? Spicy, I’ve been in this game for three years — you think a daily swing rattles me still? You’ve been pushing the same tired script since 25p. Then at 90p, you said shorts were invincible because they'd 'already gone long.' Meanwhile, I’m still here, rent-free in your head every time the price moves. I could pick apart your takes all day, but honestly, you’re doing a good enough job embarrassing yourself. Let the rest of us get back to the actual conversation.

Post with actual news. We aren't here for your therapy to make you feel important.

The South Korean project I’ve been going on about still looks exactly like the one ITM announced. They said 300MW+, supplying a thermal power plant, not mobility or niche industry. Local government funding approved, permitting underway, supplier (them) selected.

Then look at what’s happening in south Korea — you’ve got Samsung and Korea Southeast Power working on the Dangjin Green Energy Hub. That’s 900MW hydrogen and 300MW storage, full grid-scale. Same kind of structure. Same players. Same timeline.

Now Ceres and Doosan are pumping out 50MW of fuel cells a year. Why? Because the infrastructure’s getting built now — and it’s not getting built for fun.

If you line up what ITM said with what Korea’s doing, it’s all there. Nothing confirmed, but it’s obvious where the pieces fit. Just waiting on FID.

Is this ramping? 🤦‍♂️

Great news re ceres and Doosan who just announced they’ve kicked off mass production of 50MW/year of fuel cell stacks in South Korea. Not talk — actual production. Backed by the state, targeting grid applications and data centres. That doesn’t happen unless major projects are already lined up.

And this is why I still think ITM’s 300MW+ project is in Korea and not far off FID.

• The government funding’s already signed off

• Permitting is underway (confirmed by ITM themselves)

• The project is for thermal generation — which fits Korea’s hydrogen power auction framework exactly

• And now the supply chain is scaling — CWR fuel cells, electrolysers, the lot

You don’t start turning out 50MW/year of kit unless deployment is coming. This looks like the infrastructure being quietly built around the 300MW + project.

Timing-wise, it all lines up. This isn’t a stretch — it’s starting to look inevitable.

Best not to feed it. He’ll be back soon with the usual “I’m just challenging the cult” routine, like it’s some noble cause. Same pattern every time. Waste of energy.