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VanEck Intermediate Muni ETF
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ITM Power PLC (AIM:ITM) and Ceres Power Holdings PLC (LSE:CWR, OTC:CPWHF) have staged two of the most dramatic recoveries on the London market this year, with their shares up 160% and 230% respectively since January. Jefferies has responded by sharply upgrading its price targets on both stocks while sounding a note of caution about valuations that are beginning to echo the hydrogen hype of 2021.
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.
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.
