Clean fuel company powers up its order book in transformational year
Energy storage and clean fuel company, ITM Power, has seen demand for its technology continue to rise ahead of the COP26 this November.
The Sheffield-based business which manufactures hydrogen energy solutions for grid balancing, energy storage and the production of renewable hydrogen for transport, renewable heat and chemicals, has a £36m of contracted work in progress, a figure which is more than double that of the previous financial year.
In its full year results to the period to 30 April, the business noted that despite an increase in sales revenue of a third a drop in grant income meant its total revenue was down 6%. However the business noted there is £135m of contracts currently in the final stages of negotiations and preferred supplier backlog, a figure that is up a third on the previous year.
During the year, which was its first full year of operating the strategic partnership with Linde Engineering and saw the sale of the world’s largest PEM electrolyser to the engineering company as well as the first MW-scale electrolyser for deployment in Japan, the green technology business has reduced its loss from operations to £26.7m down from £29.4m in 2020, while also increasing its available cash balance three-fold to £176.1m, following a successful fund raise.
Sir Roger Bone, chairman of ITM Power said that the year to April 2021 was one of “innovation and growth for the group” noting that it saw the business complete the build of its new gigafactory at Bessemar Park and start to win its first contracts through its JV with Linde.
He added that following the fundraise the focus has been on both improve performance of existing products “but also to accelerate the development of the 5MW Gigastack, in direct response to market demand for larger systems”. Noting that reports this year have shown the importance of increasing global electrolyser capacity in order to meet current Net Zero targets.
Graham Cooley
Graham Cooley, CEO, said, “2021 has been another transformational year for ITM Power. We attracted a strategic investor in Snam S.p.A., and through our fund raise in October 2020 developed a platform to deliver to market our next generation product, the 5MW Gigastack, two years earlier than previously planned.”
Looking ahead Cooley said: “We have seen national commitments to net zero accelerate, and I believe we are very well placed, with our partner Linde, to address the rapidly growing demand in the market.
“Post year end, the creation of ITM Motive Ltd -still a 100%-owned subsidiary- allows the group to focus on both its core manufacturing model and the own/operate model for refuelling assets. ITM Support is also developing into a revenue-generating business unit that will add a further offer to customers.”
