ITM Power: Yorkshire green hydrogen firm sees ‘strongest ever’ six-month revenue performance
Yorkshire-based ITM Power said it has seen its “strongest ever” six-month revenue performance, as the firm prepares to post its half-year results next month.
The green hydrogen firm said it expects to post revenues of £18m in its half-year results, up from £15.5m the year prior.
Sheffield-based ITM said it also expects to post alongside an adjusted EBITDA loss of £11.9m, narrowed from £16.8m, alongside cash at the end of the half year of £197m.
Speaking in an announcement to the London Stock Exchange, Dennis Schulz, ITM Power CEO, said: "In the first half of the year, we again delivered our strongest ever six-month revenue performance.
“We continue to have a solid contract backlog and sales pipeline. Our EBITDA losses have narrowed further, supported by strong manufacturing and project performance, as well as disciplined cost control and capital allocation. We look forward to providing our next update alongside our interim results in January."
ITM said in the announcement that its momentum in Europe had “continued to accelerate”.
The firm added that Germany was “leading the region” in green hydrogen investment, including significant investments in infrastructure.
ITM announced in September that it had expanded its collaboration with German energy firm, RWE.
The Sheffield company said in September it had entered a new agreement with RWE for 150MW of its NEPTUNE V hydrogen electrolyser units, used in the production of green hydrogen.
The announcement comes alongside the Yorkshire firm’s ongoing delivery of 200MW of electrolysers for the GetH2 Nukleus project. Based in Lingen, Germany, the Nukleus project is aiming to achieve large-scale, commercial production of green hydrogen, which will be supplied to industrial customers.
ITM said in its latest announcement that the UK green hydrogen market was “gathering pace”, with the first of the Government’s Hydrogen Allocation Rounds projected to take a final investment decision “imminently”.
ITM announced in June that it had been selected to supply two new projects in the UK aimed at reducing carbon emissions.
The company said it had been selected as the supplier for a large-scale green hydrogen project in the UK, which was successful in the government's second Hydrogen Allocation Round, alongside a separate, smaller project.
ITM added in its latest announcement that shifts in policy had caused “uncertainty” in the US market.
In October, Donald Trump’s administration announced plans to cancel funding for two major hydrogen hubs, located on the West Coast of the US. The projects had previously been allocated around $2bn under former President Joe Biden.