News
Trading & Corporate Update

ITM Power, the energy storage and clean fuel company, provides an update on the Group’s progress since the publication of the Half Year Report on 27 January 2022.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
ITM Power plc
(“ITM”, "ITM Power", the “Group" or the "Company")
Trading and Corporate Update
Development of ITM Power Service Hub in Germany
ITM Power (AIM: ITM), the energy storage and clean fuel company, provides an update on the Group’s progress since the publication of the Half Year Report on 27 January 2022. The update covers work in progress and the contracts backlog as well as unaudited financial results expected for the year ended 30 April 2022 (FY22). The Company will announce final results for the year on 8 August 2022.
Backlog:
Apr 22 MW | Apr 21 MW | % Change | |
Work in progress* | 75 | 43 | 74% |
Contracts backlog** | 755 | 290 | 160% |
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*Work in progress | Contracted backlog | ||
**Contracts backlog | Contracted backlog and contracts in the final stages of negotiation and preferred supplier backlog |
Commercial and product developments:
New 50/50 JV with Vitol:
Development of ITM Power Service:
Expected unaudited financial results for the twelve months to 30 April 2022:
Dr Graham Cooley, CEO of ITM Power, said: “Over the past year, ITM Power has laid the foundations, financially and operationally, to scale our production capacity which will play a critical role in decarbonising economies using green hydrogen and enabling countries around the world to enhance their energy and food security.
“Russia’s invasion of Ukraine has accelerated the intent of many countries to increase energy and food security, with a specific focus on green hydrogen, as shown by the recent UK Government and REPowerEU announcements. We believe we can gain a material share of these global markets as a result of our experience, expertise, partnerships and capacity.”
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)
Jeremy Ellis / Chris Sim / Ben Griffiths +44 (0)20 7597 5970
Tavistock (Financial PR and IR)
Simon Hudson / David Cracknell / Tim Pearson +44 (0)20 7920 3150
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.
ITM Power operates from the world's largest electrolyser factory in Sheffield with a capacity of 1 GW (1,000 MW) per annum and has a plan to grow capacity in line with demand to 5 GW per annum, supported by a £250m equity raise in Q4 2021. Partners include Linde, Shell, Snam, and Vitol among others.
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