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ITM Power shares jump 35% on Rheinmetall partnership for Europe-wide synthetic fuel plants

Market News
17 Apr 2026
Proactive Investors
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Bullish
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ITM Power's shares surged over 35% after partnering with Rheinmetall AG on a defence-focused synthetic fuels project aimed at creating a Europe-wide network of decentralized e-fuel plants for NATO forces. The initiative, called Giga PtX, plans several hundred plants with up to 50MW electrolysis capacity each, producing 5,000 to 7,000 tonnes of e-fuel annually. This collaboration targets the UK initially and addresses the need for secure, independent fuel supply in defence where electrification isn't viable. The project represents a significant growth opportunity for large-scale hydrogen production technologies aligned with national security priorities.

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