ITM Power bullish on hydrogen prospects post Covid-19


Hydrogen firm ITM Power today brushed off a full year unaudited loss of £17.6m, bullishly reporting a record pipeline of £21.8m in committed contracts, with £30m more in active negotiation.

Unaudited sales for the 12 months to April dropped 30 per cent to £4.2m, depressed by the coronavirus lockdown. But the firm held £41m in cash at year end.

CEO Graham Cooley’s optimism is underpinned by ITM Linde Electrolysis GmbH, the Sheffield firm’s five-month old partnership with German gas giant Linde.

Yet to register any sales, Cooley claimed the partnership has opened a ”higher quality pipeline of tender opportunities, amounting to £263m”. These include ILE’s advanced tendering for two 100MW electrolysers, one at an oil refinery.

Recent declarations from the German, Portuguese and Dutch governments of electrolyser targets totalling 10GW by 2030 add to the venture’s upside.

“Increasing acceptance by governments around the world that green hydrogen is an essential vector to achieve their carbon reduction commitments, bode very well for the electrolysis market”, said Cooley.

Excluding joint bids, ITM said its own committed contract pipeline is up 24 per cent since January. All five electrolysers in its 10MW Shell Refhyne delivery unit are built, with the first of the units accepted by the oil giant, according to the company.

ITM is in process of a completing its new 1GW factory on Sheffield’s Bessemer Park, which it claims will be the world’s biggest electrolyser plant. Cooley confirmed it should be ready this December.

While riding high in recent weeks, ITM’s share price fell more than 10 per cent on the results. More details here.


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