No slow down in market growth for energy and clean fuel company

Energy storage and clean fuel business, ITM Power, is expecting continued growth in its tender pipeline and is planning for its manufacturing capacity expansion to accelerate.

The Sheffield-based company, which manufactures integrated hydrogen energy solutions, says it will also be working on identifying the location for its first overseas factory.

Releasing a trading update, the business reports its unaudited financials for the six months to 31 October, which include revenues of £4.1m (2020: £0.2m), gross loss of £2.4m (2020: loss of £2.8m) and adjusted EBITDA loss of £13m (2020: loss of £10.4m).

As previously reported, the business completed a £250m fundraise post period end in November.

Dr Graham Cooley, CEO of ITM Power, said: “Today’s update provides a compelling endorsement of how fast our markets are growing and our decision to raise further funds to increase capacity domestically and internationally to take full advantage of this growth.

“Together with our partners, we believe we can gain a material market share as a result of our experience, expertise and capacity to help industry to decarbonise using green hydrogen.”

ITM Power operates from the world’s largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum, with the announced intention to build a second UK Gigafactory in Sheffield with a capacity of 1.5GW expected to be fully operational by the end of 2023.

The Group’s first international facility, expected to have a capacity of 2.5GW per annum, is intended to be operational by the end of 2024.