ITM Power soars on new Rheinmetall venture

ITM Power PLC (AIM:ITM) shares soared, rising more than 35% to 127.56p, after it announced it has teamed up with Rheinmetall AG on a defence-focused synthetic fuels project that could open a repeatable route for large-scale electrolyser deployments, as the pair target a planned Europe-wide network of decentralised e-fuel plants for NATO armed forces. The collaboration centres on Rheinmetall's Giga PtX project, which is designed to strengthen defence energy resilience, sovereign fuel capability and operational readiness.