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There are some promising news here:

The coalition agreement of the upcoming German government mentions the topic of hydrogen as follows:

"The hydrogen core network must connect industrial centers throughout Germany. We will accelerate the development of a hydrogen economy and make it more pragmatic."

"Promote a hydrogen fuelling infrastructure for commercial vehicles."

"Electricity demand as well as the status of supply security, grid expansion, the expansion of renewable energies, digitalisation, and the hydrogen ramp-up will be reviewed as a basis for further work."

"For the rapid ramp-up of the hydrogen economy, we need climate-friendly hydrogen from various sources. The long-term goal is the transition to climate-neutral hydrogen, based on a growing share of renewable energies from domestic sources and imports."

"To this end, we advocate for pragmatic national and European regulations (within the framework of the European Hydrogen Strategy) and their rapid implementation."

"Overregulation must be reduced. We want to enable hydrogen production both through large, system-supporting electrolysis plants and increasingly in a decentralized and nationwide manner."

"We want to remain an energy importing country and consistently expand energy partnerships and the necessary cross-border and domestic infrastructure for imports of hydrogen and its derivatives in all directions."

"We will utilize national and European funding instruments, such as H2 Global, IPCEI, and specific programs for SMEs."

"Germany should play a leading role in a European hydrogen initiative."

"A trustworthy and unbureaucratically implementable certification system for climate-friendly energy sources is crucial to successfully advancing their ramp-up."

"The hydrogen core network must connect industrial centers throughout Germany. Hydrogen storage facilities must also be taken into account."

"We will achieve this goal through expanded planning with additional routes." [Refers to the expansion of the hydrogen core network.]

"common, cross-border energy networks, including hydrogen."

You're right. Qube could be playing with 0.01% again.

I guess we have also just seen some short closing too here in the last minutes.

Personally, this could be the best time for them to get out, at least up to some extent.

Just made the first ISA buy for new tax year.

I will remember these days with joy in few years.

Https://cleantechnica.com/2025/04/05/trumps-green-hydrogen-loss-is-everyone-elses-gain-shocker/

A mining investor wanted to warn us, how lovely. Thank you very much, you can go back to your mine now.

And Dennis responded as below:

"Couldn't have said it better, Niko! We are very much looking forward to a fruitful collaboration!"

Exciting times ahead.

Here it is;

I’m excited to share that Deutsche Bahn is partnering with ITM Power to jointly advance sustainable transport and infrastructure. From the perspective of the DB E.C.O. Group, I see this collaboration as a great opportunity to combine our expertise and push forward the transition to climate-friendly mobility – something we at DB are deeply committed to.

Together, we’ll be exploring how green hydrogen and other renewable energy sources can be used across rail, bus, and freight transport. Our goal is to not only reduce emissions but to fundamentally rethink the way we power and maintain our infrastructure. With DB’s target to become climate neutral by 2040, partnerships like this one are crucial to bringing scalable, innovative solutions to life.

What excites me most is the shared vision both teams bring to the table: decarbonization, energy resilience, and real momentum toward a zero-emission future.

At the DB E.C.O. Group, we’re always looking for new ways to lead the way in sustainable engineering and operations – and with ITM Power, we’re confident we can make a real impact, both in Germany and beyond.

Looking forward to what we can achieve together.

Have received this narrative from SimplyWall today, according to their valuation ITM share price is 67.1% undervalued now. Well, we know that, just waiting for the market to catch up.

https://simplywall.st/community/narratives/gb/capital-goods/aim-itm/itm-power-shares/eu-renewable-hydrogen-demand-will-spur-electrolyzer-capacity-expansion

I keep checking every month end if any big sells from any fund. Again, not a big change, Polar Capital sold another 260,000 in March and now 1,270,000 left.

All the big ones still holding.

And the whole story is here:

https://www.rwe.com/en/press/rwe-generation/2024-09-11-rwe-commissions-sunfire-and-bilfinger-to-build-third-electrolyserplant-for-geth2-nukleus/

The facility features two different electrolysis technologies - a 10-MW alkaline electrolyser from Sunfire and a 4-MW PEM electrolyser from ITM Power. The utilisation of two different technologies at the pilot plant is aimed at providing insights for developing future industrial-scale hydrogen production.

And I did. I was waiting for the new tax year but couldn't resist the current price.

Why we are issuing this call for evidence

The government is seeking technical evidence on innovative hydrogen to power projects that can deliver by 2030, ahead of enabling hydrogen infrastructure.

The successful roll out of dispatchable power technologies will be vital to achieve clean power by 2030 and to accelerate to net zero – defining priorities for this government. Hydrogen to power (H2P) is one low carbon technology capable of providing low carbon inter-seasonal storage, whilst providing a decarbonisation pathway for unabated gas. H2P plants face deployment barriers in the near term due to the critical dependence on access to enabling gridscale hydrogen infrastructure, such as new build transport and storage facilities with long leading times. Innovative H2P projects that are not reliant on wider hydrogen infrastructure and can demonstrate operation by 2030 could play a crucial role to support the clean power mission by demonstrating deployment readiness of widescale H2P.

This call for evidence seeks to gather technical information to help us understand in more detail the type of innovative H2P projects that could deliver rapidly. This will help government consider the value, potential options, and risks associated with innovative projects that plan to deliver by 2030.

Response time until 12th May 2025. Finally I feel some urgency on this.

Just published today:

Call for evidence description

The government is seeking technical evidence on innovative hydrogen to power projects that can deliver by 2030, ahead of large scale enabling hydrogen infrastructure.

Specifically, this call for evidence seeks technical information to help us understand in more detail the type of innovative H2P projects that could deliver rapidly, including the scope of planned projects, timescales, costs and barriers. The call for evidence is therefore aimed at stakeholders with existing plans for deployment of innovative hydrogen to power projects before large scale hydrogen infrastructure is available, such as the energy industry and project developers. This will help government consider the value, potential options, and risks associated with innovative projects that plan to deliver by 2030.

https://www.gov.uk/government/calls-for-evidence/innovative-hydrogen-to-power-projects

"If you really look closely, most overnight successes took a long time" (Steve Jobs) - that's true and I would add that you also need the right partners to achieve great things.

The ambitions of the Deutsche Bahn are also great. Over 33,000 km of rail network on which over 4 billion passengers travel annually in more than 40,000 train journeys every day. All of this must be decarbonised by 2040. This is a mammoth task and the technical solutions required for it will be diverse. Here there is rarely a black and white "either or", but rather an "and".

Climate neutrality by 2045 now has constitutional status in Germany. Meanwhile, the recently adopted EUR 500 billion financial package places a special focus on infrastructure.

But it is about much more than just one's own decarbonization. When transporting hydrogen, we often think primarily of pipelines. However, the transport of gaseous or liquid hydrogen or its derivatives by rail is an exciting further solution - complementary to pipelines, and in particular a competitive alternative to transport by road.

The energy transition, whether in industry or on the rails, is a marathon, not a sprint - and the route is rarely strictly linear. Participation in the marathon requires pioneering spirit and courage. As a leading green hydrogen plant company, we at ITM Power are proud to accompany and support our new strategic partner Deutsche Bahn on their journey.

Exactly. We don't know yet but this could be having some FEED contract type of work as well as the potential Neptune orders. ITM could be paid for the initial design and development work that will bring to the table.

Yes we can:)

Orders will come. But at the moment, we need the change of sentiment too. If we are talking the SP today, yes, may be we will not see a big change. However, announcing an agreement with Deutsche Bahn is massive. It will be heard across the Europe, it will help us to secure orders in the future. We will continue to build on this.

Largest railway company in the world.

The Group subsidiary DB InfraGO also operates large parts of the German railway infrastructure, making it the largest rail network in Europe.

I am over the moon now.

The collaboration between ITM and DB will comprise five key areas:

· Decarbonising technologies: Deepen the understanding of each other's technologies designed to decarbonise rail transport, mobility solutions and related services.

· Transport and mobility market services and solutions: Exchange knowledge on the use of green hydrogen across locomotive, bus and truck fleets while exploring potential partnerships in green energy, transport, mobility, and infrastructure services, including the evaluation of refuelling infrastructure.

· Zero-emissions operations: Understand and develop the pathway to zero-emissions operations, including the sourcing and storing of green fuels, such as green hydrogen.

· Energy resilience and self-sufficiency: Share ideas on energy resilience & self-sufficiency, including piloting solutions in the railway and infrastructure sectors.

· Green energy logistics and supply chain: Gain a comprehensive understanding of the green fuel supply chain in Germany, Europe, and beyond, catering to the needs of DB and other stakeholders, including piloting green hydrogen transport to Germany.