Hydrogen electrolyser maker ITM appoints Linde managing director as CEO; Cooley steps down after 14 years in post

UK electrolyser maker ITM Power has appointed a new chief executive, two months after current CEO Graham Cooley announced he would stepping aside after almost 14 years in the post.

Dennis Schulz, managing director at Linde Engineering, a division of industrial gases giant Linde, will take up his new position at ITM's headquarters in Sheffield, northern England, on 1 December.

“He has been closely involved in ITM Power’s strategic relationship with Linde and in his current capacity has already established strong relationships with the ITM team in Sheffield,” ITM said in a statement. “He has, in particular, significant experience in the market for green hydrogen and decarbonisation.”

Schulz stated: “I believe in ITM’s core technology and in the important role green hydrogen will play in the energy transition. I welcome the opportunity to help ITM steer a successful path from the development of first-of-a-kind technology to becoming a highly efficient and reliable technology and manufacturing company. The potential is enormous and I look forward to leading the company at this crucial stage in its development.”

Cooley is to adopt a new strategic role at the company, reporting to Schulz and the chairman Sir Roger Bone, ITM announced in September.

Cooley said at the time: “I recognise that the skills now required to take the company forward are those of a world-class manufacturing professional who has expanded a manufacturing organisation internationally.

“I very much look forward to finding that individual, introducing them to ITM Power, and working closely with them as we go forward, while remaining a significant and supportive shareholder.”

The PEM electrolyser maker, which currently has 1GW of annual manufacturing capacity in Sheffield, recently pared back its aggressive 5GW expansion plans — announced a year ago with £250m of finance in place (worth $343m then, but only $290m now) — due to the “current business climate and cost escalation”. The company filed a loss of £39.8m in the financial year up to the end of April 2022 (before interest, taxes, depreciation and amortisation), which had widened from £21.4m the previous year.

Supply-chain constraints and cost overruns have not helped ITM, nor has the fall in value of the British pound.

Plans for a new 1.5GW UK gigafactory have now been put on hold, with ITM planning to instead add some of that capacity to its existing plant in Sheffield, northern England. Another 3.5GW will now be built, in the medium term, but outside of the UK.

BloombergNEF believes ITM will have expanded its annual electrolyser production capacity to 2.5GW by the end of next year.