Sheffield-based storage and clean fuel specialists ITM Power today posted strong unaudited results.
ITM is the shovel-maker hoping to strike it rich in the world’s current ‘gold rush’ towards clean hydrogen.
Opening five months ago what it claims is the world’s biggest electrolyser factory on Peel Logistics’ Bessemer Park, the firm manufactures high capacity devices, producing clean hydrogen destined for use as an industrial feedstock, as an emerging transport fuel or as an electricity storage mechanism. It employs proprietary technology known as PEM.
Under CEO Dr Graham Cooley, the firm reported work in progress up 62% in the twelve months to April to £35.4 million, and a tripling of its contracts backlog to a record £154.0 million.
An order book of 290MW of electrolysers comprises £35.4m of projects under contract and in progress, plus £118.6m more in the final stages of negotiation or subject to preferred supplier status Cooley revealed.
In January ITM received an order for the world’s largest PEM electrolyser of 24MW from Linde, its German partners and investors since January 2020 in the British firm.
The pair’s joint venture focuses on delivering renewable hydrogen to large-scale industrial projects worldwide. In 2020 ITM had signed a deal to deploy 10MW of electrolysers at Shell’s specialist Refyne hydrogen refinery in the Rhineland.
Last November ITM completed a £172m fundraising, including a £30m investment by Italian infrastructure engineers Snam. Among clients and collaborators, Cooley boasts Sumitomo, Ørsted, Scottish Power, Siemens Gamesa, Cadent, Northern Gas Networks, RWE, Engie, GNVert, Toyota, Hyundai and Anglo American.
“Traction in the electrolyser industry has been even more rapid than we were anticipating”, Cooley told investors today.
“We are strongly positioned to meet rapidly growing global demand, reflected in a contracts backlog and tender pipeline materially ahead of our expectations. We are very much looking forward to welcoming customers and investors to a very busy Bessemer Park as soon as we are able.”
Market reaction was mixed. By 16:00 hours ITM Power’s shares on AIM-50 were down 4.4%, at 378.6 pence. The AIM index drifted down 0.71%.