ITM Power Plc is quoted on the London Stock Exchange’s Alternative Investment Market (AIM). The information in this section is being disclosed in accordance with AIM Rule 26.
ITM Power is now firmly focussed on large scale solutions. The current strategy is to use the existing, operational Thüga project as a reference plant for Power-to-Gas sales.
Using the same initial platform, the company will also be able to show demonstrable success in the near future of hydrogen refuelling, using the Island Hydrogen and HyFive stations, which will be used as reference plant for refuelling stations.
In the medium-term, the national mobility programmes, in which ITM Power has positioned itself as a key partner for refuelling through electrolysis, will drive initial refuelling station sales.
ITM Power has immediate objectives in terms of product development and in particular scale up of our proven electrolysis equipment. This will allow penetration of larger markets, and is a direct response to market demand from sales enquiries and trade fairs and events.
Cash flow remains a key measure for the Board, with the other key objective for ITM Power being the achievement of a positive cash flow in the shortest possible time.
Strategies for achieving our objectives
Product development, and in particular upscaling of product offering, will be achieved through securing and utilising project funding. This serves the dual purpose of reducing cash outflow and creating strong key partnerships within industry.
Short-term cash flow is aided by ITM Power quoting for sales with upfront payments which reduces reliance on working capital. Cash outflow is minimised through working with support from partners on the development of technology whilst we are continuing to build a contract pipeline. Historically, it has taken two years for potential customers to move through a learning curve and to reach the point of purchasing equipment, and it is with this in mind that we are creating a larger pipeline.