Director Shareholding

ITM Power PLC
01 July 2004

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1. Name of company

ITM POWER PLC


2. Name of director

THE RIGHT HONOURABLE LORD PETER WALKER


If a director has been granted options by the company please complete the
following boxes.


17. Date of grant

25/06/2004


18. Period during which or date on which exercisable


AT ANY TIME AFTER ONE YEAR FROM 25/06/2004


19. Total amount paid (if any) for grant of the option

N/A


20. Description of shares or debentures involved: class, number

ORDINARY SHARES OF 5 PENCE EACH


21. Exercise price (if fixed at time of grant) or indication that price is to be
fixed at time of exercise

50 PENCE PER SHARE


22. Total number of shares or debentures over which options held following this
notification

400,000


23. Any additional information

N/A


24. Name of contact and telephone number for queries

JOHN WREFORD - 01780 740 574


25. Name and signature of authorised company official responsible for making
this notification

JOHN WREFORD, FINANCE DIRECTOR


Date of Notification

01/07/2004



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