A hydrogen group supported by Lord Bamford and Peter Hargreaves is planning to create 1,100 jobs in the North of England over the next few years.
Graham Cooley, the CEO of ITM Power explains that the company intends to grow its existing workforce of 400 after confirming plans to open an additional factory in Sheffield in 2023.
ITM Power consists of the world’s biggest facility that produces a specialised type of electrolyser that extracts hydrogen from water and is powered by renewables.
Hydrogen is a vital part of the UK Government’s ten-point plan for a green industrial revolution. Some larger transport networks are utilising hydrogen and there are plans to connect it to the gas network and use it to power the aviation industry.
ITM Power is currently valued at £2.5 billion on the AIM market experiencing a recent value surge. Within this time, the EU has introduced a new major funding strategy, while the war in Ukraine has heightened the focus on the need to reduce reliance on Russian gas. Cooley explains that there is a new imperative – this is fuel security.
The events between Ukraine and Russia have accelerated issues of fuel security. The Government’s drive to support green hydrogen has fallen somewhat, according to Cooley but current events could stimulate action on already established plans.
Peter Hargreaves, co-founder of investment platform Hargreaves Lansdown owns 4.5% of the business. Lord Bamford, head of the JCB firm has an 8% holding.