Clean energy firm ITM Power announces solid progress

ITM Power, the energy storage and clean fuel company, said it made solid progress in the six months to October 31.
ITM Power said it is making very solid progressITM Power said it is making very solid progress
ITM Power said it is making very solid progress

The Sheffield-based energy storage firm is the world’s leading hydrogen electrolyser manufacturer. Hydrogen electrolysers convert water into liquid hydrogen, which is vital for the UK's renewable power infrastructure.

The group reported revenue of £4.2m, up from £200,000 the previous year, reflecting the impact of Covid-19 issues. It made a gross loss £2.6m.

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Graham Cooley, chief executive 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 focussed on delivery of products and converting the tender pipeline into contracted projects.”

Sir Roger Bone, the group's chairman, added: “The company has invested heavily in skills and technology over the last year and we now have a team of highly experienced professionals driving the business forward.

"The global market for green hydrogen is a dynamic new industry and ITM Power is very well placed as a global market leader. We look forward to announcing further contract wins in the period ahead.”

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