ITM Power’s move to its new 1GW electrolyser factory in Sheffield, UK gives the hydrogen energy solutions manufacturer a powerful cost reduction trajectory, the firm’s CEO said.
Graham Cooley made the comments as ITM Power published its half year results today for the six-month period ending 31st October, 2020, in which the company announced a 16% increase in total income to £4.4m.
This was despite revenue falling 92% due to delays in final installation projects required for revenue recognition arising from Covid-19 issues, ITM Power said.
Other highlights from the six-month period include partnership with Snam to develop projects with preferred supplier status for the first 100MW; first major ITM Linde Electrolysis (ILE) project of 24MW in Leuna, Germany; and collaboration with Orsted and Siemens Gamesa on the €5m EU-funded Oyster project.
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