ITM Power highlights ‘transformational’ year in FY21 results

ITM Power highlights ‘transformational’ year in FY21 results

It’s been another transformational year for ITM Power, CEO Graham Cooley said today (Sep 13) as the UK firm released its full year 2021 results.

Whilst ITM Power reported a loss from operations of £26.7m, its sales revenue jumped 30% to £4.3m, compared to 2020’s £3.3m total.

ITM Power says its contacts backlog sits at £171m, constituting 310MW of electrolysers, up 44% year-on-year.

Highlights from the time period include ITM Power’s strategic partnership with Linde Engineering, sale of what ITM Power says is the world’s largest PEM electrolyser to Linde and commercial partnership agreement with Snam.

Read more: From small steps to giant leaps and always staying ahead of the game: The story of ITM Power

Read more: Why the future of transportation is hydrogen

“We attracted a strategic investor in Snam, and through our fund raise in October 2020 developed a platform to deliver to market our next generation product, the 5MW Gigastack, two years earlier than previously planned,” Cooley said.

“We also moved into Bessemer Park, the world’s largest PEM electrolyser factory, and commenced manufacturing there in January 2021.

“We have seen national commitments to net zero accelerate, and I believe we are very well placed, with our partner Linde, to address the rapidly growing demand in the market.”

ITM Power said its near-term outlook is “positive” as the “record backlog reflects the demand for larger systems, as well as the strength of partnerships with major blue-chip companies”.

© ITM Power

ITM Motive to build a network of hydrogen stations for trucks and buses in the UK

ITM Motive will build a small network of large hydrogen stations for trucks and buses in north England in a bid to kickstart demand for the market, the ITM Power subsidiary has revealed to H2 View.

Duncan Yellen, Managing Director of ITM Motive, said the network is likely to be from Birmingham up to Leeds and no further west than Liverpool.

Read the full interview here.

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