£12.9m worth of contracts set to boost ITM Power’s results

ENERGY storage firm ITM Power has reported a strong pipeline of projects worth £12.9m and is optimistic of its pretax profit levels this year.

The firm also has £2.8m worth of contracts in the negotiation stage.

The company has 15 products at its Sheffield headquarters either ready to ship, undergoing factory acceptance testing or in manufacture.

Graham Cooley, chief executive of ITM Power commented: “This update reflects a very busy time for the Company.

“Customer engagement with our energy storage and grid balancing products and with our hydrogen refuellers is at an all-time high.

“The project and quotation pipeline as a result has been steadily growing in both applications.

“ITM Power enjoys a strong foothold in Germany with its PEM Power-to-Gas technology and is building a valuable portfolio of refuelling stations in the UK centred on London, which will provide strong commercial experience in the manufacture, deployment and operation of Hydrogen Refuelling Stations.”