News
ITM Power Trading Update – Record Backlog
16 December 2021

A half-yearly update covering backlog, financials, major contracts, corporate highlights, and future trading outlook.
16 December 2021
ITM Power plc
(“ITM Power” or the “Company”)
ITM Power Trading Update – Record Backlog
ITM Power (AIM: ITM), the energy storage and clean fuel company, has announced its work-in-progress, contracts backlog and tender pipeline alongside unaudited financial results for the six months to 31 October 2021.
Highlights:
New Contract Awards:
Corporate:
Unaudited Financials for the six months to 31 October:
Outlook:
“Today’s update provides a compelling endorsement of how fast our markets are growing and our decision to raise further funds to increase capacity domestically and internationally to take full advantage of this growth,” said Dr Graham Cooley, CEO of ITM Power.
“Together with our partners, we believe we can gain a material market share as a result of our experience, expertise and capacity to help industry to decarbonise using green hydrogen.”
For further information please visit www.itm-power.com or contact:
ITM Power plc
James Collins, Investor Relations +44 (0)114 551 1205
Justin Scarborough, Investor Relations +44 (0)114 551 1080
Investec Bank plc (Nominated Adviser and Broker)
+44 (0)20 7597 5970 Jeremy Ellis / Chris Sim / Ben Griffiths
Tavistock (Financial PR and IR)
+44 (0)20 7920 3150 Simon Hudson / David Cracknell / Tim Pearson
About ITM Power plc:
ITM Power manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of renewable hydrogen for transport, renewable heat and chemicals. ITM Power PLC was admitted to the AIM market of the London Stock Exchange in 2004. In October 2019, the Company announced the completion of a £58.8m fundraising, including an investment by Linde of £38m, together with the formation of a joint venture to deliver renewable hydrogen to large-scale industrial projects worldwide. In November 2020, ITM Power completed a £172m fundraising, including a £30m investment by Snam, one of the world's leading energy infrastructure operators. In January 2021, the Company received an order for the world's then largest PEM electrolyser of 24MW from Linde. In October 2021, the Company, with Linde, announced the deployment of a 100MW electrolyser at Shell's Rhineland refinery, following the start-up of an initial 10MW facility at the site. In November 2021, ITM Power raised £250m to accelerate expansion.
ITM Power operates from the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum, with the announced intention to build a second UK Gigafactory in Sheffield with a capacity of 1.5GW expected to be fully operational by the end of 2023. The Group's first international facility, expected to have a capacity of 2.5GW per annum, is intended to be operational by the end of 2024, bringing total Group capacity to 5GW per annum. Customers and partners include Sumitomo, Ørsted, Phillips 66, Scottish Power, Siemens Gamesa, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, GNVert, National Express, Toyota, Hyundai and Anglo American among others.
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