ITM Power shares boosted as it lands £86.5m of govt backing

ITM Power PLC (AIM:ITM) shares advanced on Thursday, climbing around 12% to 72p, after announcing it had secured £86.5 million of UK government backing to build a 1GW manufacturing line for its next-generation Chronos electrolyser stack technology in Sheffield, giving the hydrogen specialist a sizeable balance-sheet lift and a clearer route to scaling domestic production. The package includes a £40 million strategic equity investment from Great British Energy and a proposed £46.5 million grant from the Department for Energy Security and Net Zero.