ITM Power provides trading and pipeline update

ITM Power provides trading and pipeline update

ITM Power has provided a trading update, including progress and updates on some of the major projects currently underway.

The UK-based business said it currently has a portfolio of 34 projects, many of which are innovative in terms of technology, integration and deployment environments.

For example, one of the company’s electrolysers was deployed in an extreme thermal environment and is now being redeployed, under a commercial agreement, and is being analysed to gain data on deployments at operating temperatures above 40 degrees Celsius.

“ITM Power now has experience of deploying in a range of difficult real-world weather environments including extreme heat and dust, high winds, sea spray and freezing temperatures,” the company said.

“This experience generates important and valuable data for system design and accurate tender assessment and costing.”

ITM Power said it had gained considerable compliance experience from deployments in industrial settings including supply critical chemical plants and industrial gas plants.

Dr. Graham Cooley, CEO of ITM Power, commented, “ITM Power is undoubtedly in the right place at the right time. This trading and pipeline update demonstrates the attractiveness of our products around the world and the hard work of our team.”

Refhyne project

Work is progressing well on the “world’s largest” hydrogen electrolysis plant. ITM Power, together with other project partners Shell, Sintef, Thinkstep and Element Energy, will hold the groundbreaking ceremony on 25th June (2019).

The proton exchange membrane (PEM) plant will be operated by Shell and manufactured by ITM Power at the Rheinland refinery in Germany.

The electrolyser will have a peak capacity of 10MW and will be able to produce approximately 1,300 tonnes of hydrogen per year, replacing a quantity of hydrogen produced by steam methane reforming.

Pipeline numbers

The company said its contracts backlog stands at a record level of £45.1m ($56.9m), an increase since February 2019 of £9.4m ($11.9m) (up 26%), comprising £29m ($36.6m) of projects under contract and a further £16.1m ($20.3m) of awards in the final stages of negotiation.

ITM Power said its tender opportunity pipeline stands at a record level of £330m ($416.2m), an increase since February 2019 of £90m ($113.5m) (up 38%), comprising 46 active commercial tender responses over the last 12 months with an average project size of £7.2m ($9m) reflecting strong industrial demand for larger systems.

Cooley said, “Total recognised revenue, our contracts backlog and quotations against tenders are all showing strong growth and the world outlook for green hydrogen demand and electrolysers is very encouraging.”

Refuelling stations

Station network availability was consistently above 98% as a result of the close collaboration with ITM Power’s partners Shell and Linde, the company highlighted.

Earlier this month, ITM Power announced the extension of the UK refuelling collaboration agreement with Shell, expanding on the original announcement in September 2015.

The new agreement will run until 2024 and covers the refuelling of all types of hydrogen vehicles; from passenger cars to commercial vehicles, including buses, trucks, trains and ships.

Resources

ITM Power currently employs 170 staff with recent recruitment focused in the areas of production, standard product design, commissioning and after sales support.

“These increased resources will lead to an increased capability to meet the new orders expected from current market and pipeline trends,” the company said.

“The company has developed a number of options regarding the large factory move to most effectively accommodate the company’s requirements including alternative sites.”

The move, to enable greater production and in particular testing capacity to keep pace with orders for the coming years, is expected to be completed in early 2020.


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