Sheffield-based ITM Power, the British shovel-maker hoping to strike it rich in the world’s gold rush towards clean hydrogen, has spent the summer strengthening its management team, en route to delivering over £150 million of orders, including the world’s biggest PEM electrolyser.
Entwined with the new renewable energy arm of its landlord Peel on UK industrial estates, ITM offers its proprietary proton exchange membrane (PEM) electrolysis technology, primed to prise green hydrogen out of waste plastic.
The low carbon gas thus produced is a precursor to grid-scale electricity storage, to low-carbon transport fuel and industrial processes in heating and manufacture.
In June the firm reported work in progress up 62% in the twelve months to April to £35.4 million, and a tripling of its contracts pipeline to a record £154 million.
In January ITM won an order for the world’s largest PEM electrolyser of 24MW from Linde, its German partners and investors since January 2020.
Announcing the senior hires today, CEO Graham Cooley said the company was delighted by the quality of applicants. It was “reflected in the outstanding individuals whose appointments we have announced today”, he said.
Martin Clay joins ITM Power as its first ever operations director. Previously managing director at Kostal UK, a supplier of electro-mechanical switch gear to car makers, Clay had earlier been Kostal’s quality executive manager for 13 years and production quality manager for two years.
With an FMCG background, Sharon Poulter joins as head of marketing. She was attracted by the chance to work within a business whose products contribute to climate change mitigation.
With a BSc in astrophysics and a PhD in rapid prototyping, Dr Rosemary Gault joins as ITM’s head of grant partnership funding. Her experience draws on spells with Boeing, with the Advanced Manufacturing Research Centre and the European Commission. In Brussels she held responsibilities I research, grant writing, bid development and analysis.
Barry Cunliffe re-joins as project risk manager. He previously served as ITM’s finance director for five years to 2014, delivering two equity funding rounds. His interval away saw Cunliffe directing finance for a group of Sheffield engineering companies.
The recruitment round is completed by Helen Baker company secretary, Neil Dwane as capital markets adviser, and Justin Scarborough as a financial analyst in investor relations.
In 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.
Investors smiled on the hires. By 14:00 hours today, ITM Power’s share price on the LSE had risen 3.5%, pushing the company’s market value to £2.775 billion.