Posting half year results, the AIM-listed firm confirmed it has inked a lease for a reported 134,000 square feet at the city’s Bessemer Park, and appointed a fit out contractor. Claimed by ITM as the world’s biggest electrolyser factory, the site will consolidate ITM’s manufacturing, and is slated to open in late 2020.
Buoyed by last year’s £58.8 million capital injection, ITM CEO Graham Cooley hailed a ‘transformative’ new joint venture with German gas giant Linde, donors of £38 million of that cash boost.
ITM Linde Electrolysis GmbH will produce green hydrogen for delivery to large-scale industrial users. A 5MW electrolyser module, described as ‘world class’ by Cooley, will be the venture’s core product. Linde now has a director on ITM Power’s board.
Hydrogen refuelling at Shell’s industrial facilities and forecourts are another focus, following last May’s extension of ITM’s deal with the Anglo-Dutch giant to power buses, trains and ships.
ITM Power reported a £16.3 million pipeline of signed contracts, with another £26.1 million under final negotiation. For the six months to November, the firm declared a 24 per cent drop in income to £3.8 million. Operating losses for the half year jumped 85 per cent to £9.8 million, and cash burn climbed 29 per cent, to £6.2 million.
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