ITM Power: Yorkshire firm records highest-ever revenues after £86m Government funding boost
Yorkshire-based ITM Power has posted its highest-ever annual revenues after the company received a boost during the year from a huge government-led investment.
ITM Power, which manufactures technology used to produce green hydrogen, posted revenue of £43.6m for the year ended April 30, a 68 per cent increase on last year’s figure.
The figure also represents a 738 per cent increase over three years.
It came as the company posted an adjusted EBITDA loss of £20.2m, narrowed from £33m a year prior, and a pre-tax loss of £24.8m, narrowed from £45.4m.
The results follow ITM receiving a major government-backed tranche of investment earlier this year.
In April, it was announced that the firm was set to receive £40m investment from Great British Energy, the UK’s publicly owned energy company, alongside a £46.5m Government grant, designed to deliver an expansion of hydrogen technology manufacturing in the UK.
In a statement issued alongside the results, ITM CEO, Dennis Schulz, said the funding would “support the establishment of manufacturing capability for our next-generation Chronos electrolyser stack technology”.
He added: “These funds will enable us to deploy an automated manufacturing line for our next-generation stack platform, Chronos.
“Offering higher energy efficiency and lower cost, Chronos will strengthen our competitive position, grow our market share, and accelerate the industrial adoption of green hydrogen.
“The new stack platform has been progressing through development and validation to plan.”
The investment is also expected to eventually create around 400 jobs at ITM.
ITM’s Yorkshire factory manufactures ‘electrolysers’, a technology required to generate green hydrogen by using electricity to split water into hydrogen and oxygen.
Last year saw ITM launch its own build, own, and operate (BOO) model, named Hydropulse.
The company said that since launch, the business has established offices in Berlin and Sheffield.
Mr Schulz added: “The introduction of Hydropulse represents an important strategic evolution for our company, broadening our route to market and addressing key barriers to quicker green hydrogen adoption.”
“By eliminating customers' capital expenditure and mitigating operational and technology risks, the model has resonated strongly with prospective customers.”
Last week, ITM announced the signing of Heads of Terms for a large-scale green hydrogen project between Hydropulse and a European oil refinery. ITM said the deal could become its “largest commercial commitment to date”.
The project will use 150 MW of ITM Power's Alpha electrolyser platform to produce green hydrogen on site at the refinery under a 10-year agreement.