British electrolyser manufacturer ITM Power (LON:ITM) has posted a 74% increase in revenues in its first half results as its losses narrowed.
ITM recorded £15.5 million in revenues for the six months to 31 October, compared to £8.9m the year prior.
Meanwhile, ITM posted an adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) loss of £16.8m, a slight drop compared to an £18.1m loss in the corresponding period last year.
ITM said it now has a record contract backlog to date of £135.3m, up from £43.7m two years ago.
ITM Power contracts
It comes amid a series of deals for the firm in its first half period, including a contract for Shell’s 100 MW REFHYNE 2 project in Germany.
The firm has also secured several deals following the end of October, including the sale of three of its 5 MW Neptune V electrolyser units to a company in Germany.
Looking ahead, ITM said it expects to see revenue between £18m and £22m across its full-year results, with an adjusted EBITDA loss of between £32m and £36m.
ITM Power chief executive officer Dennis Schulz said the “unrealistic hype” behind green hydrogen has given way to “real industrial scale-up of projects”.
“Green hydrogen has begun to play its vital role in decarbonising the global energy system, whether as a feedstock in sectors such as chemicals and refining, as a fuel, or as a source of flexible power generation,” Schulz said.
© Supplied by ITM Power“Gone is the unrealistic hype that the hydrogen economy would develop overnight.
“Instead, today, the hype has given way to real industrial scale-up of projects and production capacities.”
Schulz said the green hydrogen industry has started gaining traction with an increasing number of project final investment decisions (FIDs) taken over the recent months.
“Our sales pipeline and contract backlog have never been healthier, and we now have a product portfolio tailored to our customers’ needs,” he said.
“Operationally, we are in the best condition the company has ever been in.”
“Today, I am even more optimistic about our future than when I joined the company two years ago.”
Expansion plans for ITM Power
Headquartered in Sheffield, ITM Power is one of the world’s largest hydrogen electrolyser manufacturers and the first to be listed on the London Stock Exchange.
Founded in 2001, ITM originally manufactured hydrogen fuel cells but later expanded into electrolysers.
Alongside its Neptune and Trident lines, the firm launched its “cutting-edge” 20 MW ‘Poseidon’ module last year.
In recent years, ITM has made efforts to expand into the US and Europe, but it hasn’t all been plain sailing for the company.
At the start of 2024, the company slashed its headcount by a third as it aimed to stem losses incurred in 2022.
