Fair Money & Economic Opportunity

ITM Power PLC specializes in the design, manufacture, and sale of electrolyzers for green hydrogen production, serving industrial, energy storage, and transport sectors.

The company's customers include electric utilities, industrial gas companies, automobile manufacturers, and mining companies. There is no evidence in the provided articles that the company offers lending, deposit, or other consumer financial services. Therefore, all KPIs related to fair money and economic opportunity, such as underserved client share, pricing fairness, exploitative fee exposure, inclusion initiatives, data accessibility, fair lending compliance, wealth building outcomes, financial literacy initiatives, debt burden ratio, geographic inclusion, and product simplicity, are not applicable to its core business model.

Fair Trade & Ethical Sourcing

ITM Power reported no incidents of forced or child labor, nor any breaches under its human rights, modern slavery, and human trafficking policies during the year.

The company does not purchase tin, tantalum, tungsten, gold, or cobalt, which are minerals of high concern for human rights abuses or environmental impact. All new direct material suppliers are required to complete a Supplier Qualification Questionnaire covering human rights, child labor, forced labor, and employee provisions. The company has a publicly available Supplier Code of Conduct, which sets out expectations for all business partners, including minimum criteria on human rights and modern slavery. All material contracts are reviewed and signed by a director and legal team, and contracts with new suppliers require a guarantee to comply with the UK Bribery Act 2010.

Honest & Fair Business

ITM Power has a formal 'Speak Up' policy, including internal channels and a third-party service (Safecall) for confidential, anonymous reporting, with no reported breaches.

The company's independent external audit covers 97% of Group loss before tax and 95% of Group revenue. The Board assesses the independence of its Non-Executive Directors annually, but Jürgen Nowicki, a shareholder nominee, is not considered independent. Anti-bribery and corruption policies are in place, which include training and supplier requirements, and the company requires new direct suppliers to answer questions about their anti-corruption policies and employee training. The company holds ISO 9001, 14001, and 45001 certifications, and the LSE Green Economy Mark, indicating independent verification of certain management systems and ethical claims.

Kind to Animals

No evidence was found in the provided articles regarding ITM Power PLC's performance on any of the 'Kind to Animals' KPIs. The articles explicitly state that no information is available concerning cruelty-free certifications, animal testing, humane certifications for operations, wildlife conservation impact, ethical input substitution, supplier audits for animal welfare, cage-free sourcing, animal testing policies or volume, innovation investment in animal-free technologies, animal agriculture ethics, animal-free R&D collaboration, or public policy engagement related to animal welfare.

Therefore, all KPIs are omitted.

Planet-Friendly Business

ITM Power's total Scope 1, 2, and 3 greenhouse gas emissions (market-based) were 16,017 tCO₂e in FY24, a slight decrease from 16,038 tCO₂e in FY23, following a significant reduction from 104,295 tCO₂e in FY22.

The company procures 99.2% of its electricity from renewable sources as of FY24. It has a net-zero target year of 2030, but has not set specific reduction targets or climate pledges validated by SBTi. The company reported zero significant fines or non-monetary sanctions for non-compliance with environmental laws in FY22. In FY22, 128,792 kg of waste was recycled/recovered out of 129,187 kg total waste, resulting in a 99.7% diversion rate. The Gigafactory is not located in a water-stressed area. The company is partially compliant with TCFD recommendations and has not yet completed a climate scenario analysis. By May 2022, ITM Power aimed to assess 100% of critical suppliers and 50% of other direct material suppliers according to ESG criteria.

Respect for Cultures & Communities

The company has reported no cultural appropriation incidents in the past three years, and its 2024 ESG report mentions growing business-wide training on ESG topics and rolling out ESG workshops to align staff with ESG goals.

It also states that it aims to use local suppliers wherever possible, with the majority of direct suppliers based in the UK. The company has a 'Speak Up (Whistleblowing)' policy and an independent whistleblowing channel, as well as an active confidential Employee Assistance Program (EAP) for all employees and CIRAS (Confidential Incident Reporting & Analysis Service) membership. However, there is no specific evidence of a formal cultural impact assessment protocol, nor is there data on the proportion of the workforce recruited from local communities, the percentage of affected communities participating in FPIC processes, or the number of indigenous or minority-owned suppliers engaged. There is also no information on actions taken to protect cultural or heritage sites, the percentage of operations with a documented social license to operate, or the percentage of employees completing cultural sensitivity training.

Zero Waste & Sustainable Products

The company diverts 88% of its waste from disposal.

Additionally, 71% of the steel purchased by the ITM Group is recycled content.