Energy storage and clean fuel specialist ITM Power plc (LON:ITM) recently revealed an increase of £5.66m ($7.1m) in signed contracts in its latest operations update. This new development brings the UK-based company’s total contracted pipeline to £24.36m ($10.6m), with £22.64m ($28.4m) of projects under contract and a further £1.72m ($2.2m) of contracts in the final stages of negotiation.
Gasworld spoke to ITM Power CEO, Dr. Graham Cooley about the company’s recent financial boost:
Congratulations on reaching £24.36m, how are you keeping up with this influx of contracts?
We are delighted with the increase in deal flow – in fact orders were up by 100% in the 2016 calendar year. To us, this is a reflection of the hard work already put in to the product offering and its competitiveness in the market place. We now have representation in Scotland, Germany, France, Benelux, Nordics and North America in support of our business development activities.
Have you made any changes to your operations to adapt to the increased demand?
The increase in demand is not a surprise to us and we have planned for it to continue. We now have the ability to manufacture twice as many units simultaneously due to reorganisation of the shop floor. Taken together with a reduction in assembly time for each unit, we are well placed for continued growth.
You mentioned that ITM Power has been receiving enquiries from multinational entities for significantly larger platforms, can you share any details on who, or where, these entities are?
In addition to growing volume, we also see demand for larger scale products. This reflects how the market is developing and how larger companies are engaging with the need to green-up their processes. ITM Power has responded to this, recently having launched designs for a 10MW module which can be integrated together up to 100MW. This provides us a with a significantly larger building block which enables us to address these emerging requirements while maintaining a flexible offering. While it is not possible to disclose ongoing confidential discussions, it is well known that green hydrogen (H2) from electrolysis is of growing interest in the refining and chemical synthesis arenas.
