Stock in ITM Power lost energy after a profit warning. (John Stillwell/PA)
(Picture: PA Archive)Shares in ITM Power tumbled today after the green energy company issued a profit warning before the completion of a review of its business by its new chief executive.
Dennis Schulz took over from longstanding CEO Graham Cooley in December, who announced plan to step down around the time of the company’s annual results in September, when delays to ITM’s production plans emerged.
The one-time darling of the green energy sector designs and makes batteries and electricity generation systems using clean hydrogen technology. It was one of the first of its kind to list on the London Stock Exchange, putting it at the forefront of British hopes to lead in hydrogen power.
Problems scaling up its technology first meant it dropped plans to open a second battery factory in Sheffield and cut its outlook for generation capacity. The company -- backed by German industrial giant Linde, where Schulz was a senior executive before joining ITM – pledged to provide further guidance and “a strategic 12-month priorities plan” alongside its interim results due on January 31.”
Its stock was trading around 90p on Monday, down by 13%, having been as high as 724p in January 2021.
