ITM Power completes the world’s first hydrogen gigafactory

Clean fuel firm ITM Power has completed the ITM Gigafactory at Bessemer Park and production has started in the world’s first hydrogen gigafactory.
ITM Power is the world’s leading hydrogen electrolyser manufacturerITM Power is the world’s leading hydrogen electrolyser manufacturer
ITM Power is the world’s leading hydrogen electrolyser manufacturer

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.

Elsewhere, ITM said its motive division has agreed a fuel contract with National Express for 20 buses in Birmingham.

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The news came as ITM announced a 16 per cent increase in income to £4.4m in the six months to October 31.

This was despite revenue falling 92 per cent to £200,000 due to delays in the final installation of projects caused by Covid-19 issues.

The group's loss from operations rose 22 per cent to £12m over the six month period and it reported adjusted losses of £10.4m.

Last year, ITM raised £172m to accelerate its technology and manufacturing strategies. It also announced a partnership with Snam, a major energy infrastructure operator based in Italy, to develop projects.

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Graham Cooley, ITM Power's chief executive, said: “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."

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