ITM Power surges on Rheinmetall collaboration

17th Apr 2026 09:52

(Sharecast News) - ITM Power surged on Friday as it announced a strategic collaboration with German defence firm Rheinmetall.

The collaboration will focus on Rheinmetall's Giga PtX project, which aims to establish a Europe-wide network of decentralised synthetic fuel production plants for the Nato armed forces, "designed to strengthen defence energy resilience, sovereign fuel capability and operational readiness".

The project will involve the deployment of several hundred decentralised production plants across Europe, each with an electrolysis capacity of up to 50 MW, capable of producing approximately 5,000 to 7,000 tonnes of e-fuel per annum per facility.

"By combining Rheinmetall's Power-to-X expertise with ITM's market-leading electrolyser systems, the parties are bringing together their capabilities, know-how and strong market reputation," it said, adding that the collaboration will initially focus on the UK.

ITM chief executive Dennis Schulz said: "Our collaboration with Rheinmetall aligns the energy transition with national security priorities. Reliable access to fuel is fundamental to defence capability, and decentralised production offers a structurally more resilient alternative to traditional supply chains.

"The Giga PtX project represents a repeatable deployment opportunity for large-scale electrolysers, while directly supporting sovereign fuel capability and operational readiness. By combining Rheinmetall's system integration capability and defence experience with our leading electrolyser technology, together we are well-positioned to deliver scalable solutions."

AIM-listed ITM designs and manufactures industrial-scale electrolysers for green hydrogen production.

At 0945 BST, the shares were up 42% at 133.40p.

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