ITM Power Share: New Orders & Stock Analysis | Börse Express

ITM Power reports back with fresh project profits. After a year full of fluctuations, two new engineering orders have now been added from Australia and Canada – against the backdrop of a price that has already risen sharply since the beginning of the year. The crucial question now is whether these preliminary contracts will actually turn into tangible sales for 2026.

70 MW projects in Australia and Canada

The recent price recovery was triggered by two engineering contracts with a planned total volume of 70 megawatts. Both projects rely on ITM Power’s containerized NEPTUNE-V electrolyzer technology and are intended to prepare green hydrogen production on an industrial scale.

In detail it is about:

• Australia: A Basic Design Engineering Package (BDEP) for an industrial customer. Here ITM Power defines the basic technical design for a future system.
• You have: A Front-End Engineering Design (FEED) for a project that will use hydropower to produce green hydrogen for the mobility sector.

Such BDEP and FEED contracts are important preliminary stages in the hydrogen industry before investors make a final investment decision. The market reacted positively because these steps increase the likelihood that full orders for the delivery and construction of the electrolyzer systems will follow later.

Strategic dynamics after a major deal in Germany

The 70 MW that has now been published does not come out of nowhere. In November 2025, the Stablegrid Group had already selected ITM Power as the preferred partner for projects with a total of 710 MW in Germany. The new engineering orders seem like confirmation that the technology is not only popular in the home market, but also internationally.

The key points of the current strategic development:

• Geographical spread: From Germany to Australia to Canada – ITM Power is expanding its presence across several continents.
• NEPTUNE V technology platform: The containerized, “plug-and-play” system aims to provide flexible and scalable solutions for different areas of application, from industrial applications to mobility.
• Pipeline structure: Engineering orders in the BDEP and FEED phases create a visible project pipeline, which can become extensive hardware orders if positive investment decisions are made.

For many market participants, the rapid succession of such reports signals that ITM Power is gaining ground in the competition among electrolyzer providers – at least on the project side.

Numbers background and market picture

Operationally, the company has recently sent mixed signals. In a trading update at the start of December, ITM Power reported record first-half sales of £18.0 million, while widening losses. Initially, reluctance and skepticism dominated because higher revenues did not immediately translate into better profitability.

The current contract news has partially dampened this caution because it strengthens the prospect of future orders. The stock market is increasingly pricing in the fact that the engineering phases could result in concrete investment decisions and subsequent production orders.

From a chart perspective, however, the title remains anything but boring:
– On a weekly basis, the stock is down around 8%, and on a 30-day basis it is even around 17% lower.
– At the same time, there has been an increase of a good 67% since the beginning of the year.

With a closing price of 0.73 euros on Friday, the share is well below the 50-day average of 0.86 euros, but close to the 200-day line at 0.73 euros. An RSI of just under 30 signals an oversold condition in the short term – an indication that the most recent setback has already been strong.

Outlook: From planning to order

The next test for ITM Power is clearly defined: The decisive factor will be whether the current BDEP and FEED contracts from Australia and Canada turn into full-fledged delivery and construction contracts for NEPTUNE-V systems. At the same time, it remains important whether the sales growth from the first half of the year can be continued in the coming quarters without the losses increasing further.

If the engineering phases are implemented as planned and concrete hardware orders follow in 2026, ITM Power would have a broader project base across several continents. On the other hand, if the projects remain stuck in preliminary planning for a longer period of time, the fact that the share price has already risen significantly since the beginning of the year comes to the fore again despite the recent correction.