News
Half Year Results for the Period ended 31 October 2020
06 November 2021
News
06 November 2021
ITM Power (AIM: ITM), the energy storage and clean fuel company, announces half year results for the six-month period ended 31 October 2020.
TM Power (AIM: ITM), the energy storage and clean fuel company, announces half year results for the six-month period ended 31 October 2020. Comparable figures, where stated, refer to the corresponding period in 2019 unless otherwise indicated.
Commercial:
Backlog and Pipeline:
Operational:
Financial:
*Cash burn is a non-statutory measure. Please see the cash flow statement
Corporate:
Graham Cooley, CEO, commented: “The collaboration agreement with Snam and the strategic investment that accompanied it, as part of the £172m funding round, is another transformative deal for ITM Power. Alongside the Linde partnership and formation of ILE, ITM Power can concentrate on its core competence of developing and manufacturing electrolysis equipment. The Company is now able to offer a full turnkey solution at industrial scale with the EPC (Engineering, Procurement and Construction) competence of a world leader in the hydrogen industry. The rapidly developing backlog and tender pipeline demonstrates that ITM Power and our partners Linde, Snam and Shell have a world class offering. The completed move into the new 1GW per annum electrolyser factory at Bessemer Park gives the Company a powerful cost reduction trajectory and world beating manufacturing capacity for our record order book and pipeline.”
Roger Bone, Chairman, added: “I was delighted to welcome Katherine and Tom to the ITM Power board in 2020 and to see such strong progress with the Snam agreement, the rapidly developing Linde partnership and the factory move. Despite all the difficulties Covid has caused we are well poised to accelerate our manufacturing programme and to sustain the significant growth in shareholder value we have seen over the last twelve months. We are also proud of the skills and dedication of our workforce and have rolled out an important incentives programme for all staff. As ever, I will continue my focus on governance, including the development of the Company's ESG reporting, which will be a key task in 2021 and beyond.”
There will be a call for analysts and investors on the Investor Meet Company platform today at 1400h GMT. To register for the call, please go to:
https://www.investormeetcompany.com/itm-power-plc/register-investor
The full Half Year Report can be viewed here
For further information, please visit www.itm-power.com or contact:
ITM Power plc
+44 (0)114 263 7646
James Collins (IR)
Investec Bank plc (Nominated Adviser and Broker)
+44 (0)20 7597 5970
Jeremy Ellis / Chris Sim / Ben Griffiths / Will Fenby
Tavistock (Financial PR and IR)
+44 (0)20 7920 3150
Simon Hudson / Edward Lee / Tim Pearson
About ITM Power plc
ITM Power plc manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of renewable hydrogen for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004. In October 2019, the Company announced the completion of a £58.8 million fundraising, including an investment by Linde of £38 million, together with the formation of a joint venture with Linde to focus on delivering renewable hydrogen to large-scale industrial projects worldwide. ITM Power signed a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. In November 2020, ITM Power completed a £172m fundraising, including a £30m investment by Snam, one of the world’s leading energy infrastructure operators. ITM Power operates from the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum. ITM Power received an order for the world’s largest PEM electrolyser of 24MW from Linde in January 2021. Other customers and partners include Sumitomo, Ørsted, Phillips 66, Scottish Power, Siemens Gamesa, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, GNVert, National Express, Toyota, Hyundai and Anglo American among others.