New boss aims to reverse clean fuel firm’s fortunes

IT’S been quite the week for ITM Power. The company – which makes electrolysers that produce hydrogen for cleaner fuel – has a new boss.

So why are investors betting against the Sheffield company, which works with the likes of Shell? More than 5 per cent of its shares are held by short sellers. It is among the top five most shorted stocks.

One analyst blamed ITM Power’s execution issues and the firm’s lack of profitable orders.

The value of the company has dived from more than £2.5billion a year ago to about £630million. But Peel Hunt’s Nick Walker predicts a rebound with the arrival of new chief executive Dennis Schulz.

Schulz was managing director of a division of Linde, the world’s largest industrial gas company and ITM’s top shareholder with a 16 per cent stake.

ITM Power has decided to delay this week’s scheduled trading update until the end of January to allow Schulz time to get a grip on the firm. Best of luck to him.