🟢 ITM Power is trading 5.3% up today after securing £86.5M in UK government funding

ITM Power is trading 5.3% up now at £111.86 following recent news of significant UK government funding.

• The company secured a £46.5 million grant from the Department for Energy Security and Net Zero (DESNZ) for its Chronos electrolyser stack, combined with a £40 million equity investment from Great British Energy.
• This funding, totaling £86.5 million, aims to establish operational capacity for manufacturing the electrolyser stack.
• Analysts at Berenberg subsequently nudged up their target price on ITM Power from 100p to 110p, citing the government funding as a compelling endorsement of ITM's technology.