ITM Power: Management Buys the Dip as EU and UK Clear Critical Hydrogen Hurdles

ITM Power CEO and CTO buy shares after 26% drop; German and UK regulatory approvals could unlock €1B relief and 1GW production capacity.

ITM Power’s chief executive and chief technology officer wasted no time putting their own money behind the stock during June’s sell-off, buying shares through the company’s employee share plan just as two separate regulatory processes on either side of the English Channel moved to remove long-standing bottlenecks for the hydrogen group.

Chief executive Dennis Schulz and chief technology officer Simon Bourne each acquired 113 Partnership Shares at 1.3305 pounds on 15 June, receiving an equal number of Matching Shares through ITM Power’s “Buy-as-You-Earn” programme. That brought the total to 226 new shares apiece. While the financial size of the purchase is modest, the timing is noteworthy: the stock had shed roughly 26% in the preceding 30 days, sliding from a 52-week high of €2.58 touched at the end of May to €1.43.

The insider buying comes against a backdrop of two major regulatory green lights still in the pipeline. In Germany, the European Commission has approved the combination of a temporary industrial electricity price cap with existing compensation schemes, unlocking around €1 billion in additional relief for energy-intensive industries. ITM Power is the technology partner for a 30 MW green hydrogen plant in Rüstringen and separately plans a 680 MW electrolysis facility in Hallenform — among the largest such projects in Europe. Both had been waiting for that regulatory clarity before final investment decisions could be taken. The 680 MW project’s go/no-go call is pencilled in for 2028, with preliminary engineering work already under way.

Across the North Sea, the UK’s Competition and Markets Authority is reviewing a £46.5 million state grant for ITM Power’s “Chronos” automated production line. The grant forms part of a broader £86.5 million financing package secured in April, which includes a £40 million equity injection from Great British Energy. A CMA decision is expected by the end of June 2026. If it is positive, ITM Power will be able to formally ramp its manufacturing capacity to one gigawatt per year.

The stock’s chart paints a picture of a group that has had a stellar year but hit a rough patch. Year-to-date the shares have still surged nearly 98%, yet the recent retreat has pushed the price 15% below its 50-day moving average and around 45% below that May peak. Technical indicators reflect the strain: the 14-day relative strength index ranged between 38.8 and 39.4 in two separate readings, both deep into oversold territory. The annualised 30-day volatility sits above 97%, underscoring the stock’s speculative character.

Interestingly, institutional sentiment appears to be turning. Short positions have dropped by 73%, suggesting that some bearish bets are being unwound even as the share price languishes. The order book remains stable at £152 million, with 71% of contracts carrying healthy margins. Management is sticking to its revenue guidance of £40 million to £43 million for the current financial year.

The insider purchases have helped stabilise the mood in the short term — the stock has eked out a 6% gain over the past seven days — but the real catalysts lie ahead. The CMA’s ruling on the Chronos grant and progress reports on the German 680 MW project will be the next milestones that determine whether ITM Power can translate regulatory tailwinds into a lasting recovery.