Electrolyser maker ITM Power's backlog reaches 755 MW

UK electrolyser producer ITM Power (LON:ITM) has built a backlog of 755 MW, an increase of 53% since January and of 160% from a year ago, according to a trading update today.

As at June 1, the company’s backlog includes 75 MW of contracted projects, 342 MW of contracts in negotiation and 338 MW of preferred supplier pipeline. The latter includes 240 MW preferred supplier projects with Motive, ITM Power’s joint venture with energy and commodities trader Vitol, for the rollout of refuelling infrastructure.

ITM Power operates a 1-GW-per-year electrolyser factory in Sheffield and in late 2021 raised GBP 250 million (USD 314m/EUR 292m) in equity to support a planned expansion to 5 GW per year.

The company also released expected unaudited results for the year to April 30, 2022, which showed adjusted EBITDA loss of GBP 36.5 million, compared to GBP 21.4 million in the previous year, affected by project delivery and production ramp-up, as well as increased skills acquisition. Cash burn was about GBP 52 million and the firm closed the year with net cash of GBP 364 million.

"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,” said chief executive Graham Cooley.

Revenues are expected to be GBP 5.5 million, up from GBP 4.3 million. They would have been higher had it not been for the deferral of revenue recognition of about GBP 11 million related to the 24-MW Leuna delivery of completed products. ITM Power previously informed of a supply chain constraint faced by the project that had been addressed.

(GBP 1 = USD 1.255/EUR 1.169)

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