ITM Power, the AIM listed energy storage and clean fuel group, has reported a rise in sales revenue amid a loss in operations and total revenue & project grant funding.
In final results for the year ended 30 April 2021, the Sheffield-headquartered hydrogen specialist reported a 30% rise in sales revenue from £3.3 million to £4.3 million.
Loss from operations reduced by 9% from £29.4 million to £26.7 million.
However, adjusted EBITDA loss increased 18% from £18.1 million to £21.4 million. Total revenue & project grant funding was down 6% to £5.1 million. Collaborative grant income was also down, slipping 63% to £0.8 million.
The company reported that its tender pipeline has experienced a dramatic 94% increase, rising from £195 million to £378 million. Similar rises were also seen in its works in progress and contracts backlog – rising 125% to £16 million and 44% to £119 million respectively.
The reported period also represented the company’s first year of operating the strategic partnership with Linde Engineering. It also saw the company sell the world’s largest Polymer electrolyte membrane (PEM) electrolyser to Linde.
During the period, the company completed the world’s first electrolyser Gigafactory which, it said, is expected to reach annual production capacity of 1,000MW per annum by the end of 2023. The facility officially opened in January.
Moreover, ITM Power entered a commercial agreement with major energy infrastructure operator Snam – which included a £30 million strategic investment and an initial 100MW preferred supplier commitment to 2024. Including this investment, ITM successfully equity fund raised £172 million to accelerate development.
“2021 has been another transformational year for ITM Power,” said CEO Dr Graham Cooley.
“We attracted a strategic investor in Snam S.p.A., and through our fund raise in October 2020 developed a platform to deliver to market our next generation product, the 5MW Gigastack, two years earlier than previously planned.
“We also moved into Bessemer Park, the world’s largest PEM electrolyser factory and commenced manufacturing there in January 2021.
“We have seen national commitments to net zero accelerate, and I believe we are very well placed, with our partner Linde, to address the rapidly growing demand in the market.”