This was unveiled by the firm in its half year results for the six-month period, ending October 2021, which highlighted great company growth across current works, contact backlog and project pipelines.
At present the company has a backlog of 499MW.
Graham Cooley, CEO of ITM Power, said, “We are making very solid progress, with a number of projects won which have resulted in a significant increase in our work in progress. The company is focused on delivery of products and converting the tender pipeline into contracted projects.”
ITM Power’s financials also highlighted the appointment of principal contractor Glencar Construction for its second UK factory’s early design work and a successfully conclusion of the gigastack I Project with BEIS.
Focusing on the financial figures themselves, ITM Power reported revenue of £4.2m ($5.6m).
Providing analysis on the company’s results, Adam Forsyth of Longspur Research, said, “ITM’s interim results broadly reflect the guidance given in the December trading update although there has been progress in the underlying business since then, notably with a 24MW contract win and German Federal support for activities in the key European market.
“Importantly, the company’s cash position following the November fund raise means that it is now funding to take production capacity to 5GW and experts to break ground on the second UK factory in H2 calendar 22.
“In our view, the ability to deliver the capacity to meet expected demand without returning to the equity market gives ITM a competitive advantage.”
rom small steps to giant leaps and always staying ahead of the game: The story of ITM Power
When it comes to electrolysers, there’s one company which is never far from the headlines: ITM Power. Thanks to its focus on three broad markets areas – mobility, Power-to-X and industry, the British manufacturer of polymer electrolyte membrane electrolysers has grown considerably in recent years and moved into the world’s largest electrolyser manufacturing facility in Sheffield, UK in January 2021.
Through standardisation, modularisation and the employment of world class practices, ITM Power has the manufacturing capacity to produce 1GW of electrolysis a year. The company says the Gigafactory provides a blueprint which can be easily replicated when there are large order volumes. And ITM Power confirmed to H2 View there are already fully funded plans in the pipeline to build a second gigawatt-scale facility which would be even bigger than the current one.
“We have already raised sufficient funds to build a second factory – it’s critical to our continued success that we are able to fulfil our order book as the market continues to grow at a very rapid rate,” Dr. Rachel Smith, Executive Director of ITM Power, told H2 View.
“The design and build phase for Bessemer Park took two years, so we would anticipate an 18-month lead time from the point of the second factory investment decision to the first product output – which is why we will continue to watch and develop markets to ensure we align our production capacity inline with the opportunities.”
Read the full interview with Dr. Rachel Smith here.