TIDMITM
RNS Number : 8137V
ITM Power PLC
16 December 2021
16 December 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
ITM Power PLC
("ITM", "ITM Power", the "Group" or the "Company")
Trading Update
ITM Power (AIM: ITM), the energy storage and clean fuel company,
provides an update on the Group's work-in-progress, the contracts
backlog and the tender pipeline as well as unaudited financial
results for the half-year to 31 October 2021.
Highlights:
-- Record backlog of 499 MW as at 1 Dec, up by 61% since September 2021
o Contracted: 62 MW compared to 43 MW in September
o In negotiation: 339 MW compared to 169 MW in September
o Preferred supplier: 98 MW unchanged versus September
-- Tender pipeline of 909 MW compared to 1,011 MW in September
2021, reflecting tenders moving to negotiation stage
Dec-21 Sep-21 Change
GBPm denotes
value to ITM MW GBPm MW GBPm MW GBPm
Work in Progress* 62 34 43 36 45% -6%
Contracts backlog** 499 198 310 171 61% 16%
Tender pipeline*** 909 359 1,011 378 -10% -5%
Backlog + Pipeline 1,408 557 1,321 549 7% 1%
*Work in Progress Contracted backlog
**Contracts Contracted backlog and contracts in the final
backlog stages of negotiation and preferred supplier
backlog
***Tender pipeline Quotations submitted in response to commercial
tenders in the last 12 months
New Contract awards:
-- Refhyne II consortium of which ITM is a member was awarded a
grant of EUR32.4m by CINEA (the European Climate, Infrastructure
and Environment Executive Agency) for the development of a 100 MW
electrolyser to be sited at Shell's Energy and Chemicals Park,
Rhineland. The project will see an engineering design phase which
will be followed by a final investment decision (FID) expected in
late 2022 with delivery then scheduled for 2024
-- Contract signed for delivery of 12MW of electrolysis
equipment to be deployed in 2022, and recognised in the 2022/ 23
financial year
-- In November, UK Government Investment was secured for Phase 1
of ScottishPower's 20 MW Whitelee Windfarm hydrogen production and
storage facility
-- New Projects under negotiation of approximately 200 MW
Corporate:
-- Successful GBP250m fund raise completed post period end in November
-- Site for the second 1.5 GW UK factory acquired in Sheffield
-- First overseas factory of 2.5 GW to follow, to create 5 GW of capacity by the end of 2024
-- Continued strengthening of Management Team with the following senior appointments:
o Martin Clay, Operations Director, formerly MD of Kostal UK
Ltd
o Nadia Sparrow, Head of Procurement, formerly Head of UK
Procurement at Alstom
o Helen Baker, Company Secretary, formerly Head of Secretariat
at Coca-Cola Europacific Partners plc
o Chris Yewdall, Projects Director, formerly Head of PMO
(Project Management Office) at Rolls Royce plc
Unaudited Financials for the six months to 31 October:
-- Revenue of GBP4.1m (2020: GBP0.2m)
-- Gross loss of GBP2.4m (2020: loss of GBP2.8m)
-- Adjusted EBITDA loss of GBP13.0m (2020: loss of GBP10.4m)
-- Net cash at half-year-end of GBP166.6m excludes net GBP242m raised in November
-- Cash burn of GBP12.0m (GBP14.0m)
Outlook:
-- Full year guidance of 33-50 MW maintained, with revenue still
expected to be heavily weighted to H2 as previously indicated
-- Continued growth in tender pipeline and backlog expected
-- Planning for manufacturing capacity expansion accelerating
including work on identification of the location for our first
overseas factory
Dr Graham Cooley, CEO of ITM Power, said: "Today's update
provides a compelling endorsement of how fast our markets are
growing and our decision to raise further funds to increase
capacity domestically and internationally to take full advantage of
this growth. Together with our partners, we believe we can gain a
material market share as a result of our experience, expertise and
capacity to help industry to decarbonise using green hydrogen."
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) +44 (0)20 7597 5970
Jeremy Ellis / Chris Sim / Ben
Griffiths
Tavistock (Financial PR and IR) +44 (0)20 7920 3150
Simon Hudson / David Cracknell
/ Tim Pearson
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. In October 2019, the Company announced the completion of a
GBP58.8m fundraising, including an investment by Linde of GBP38m,
together with the formation of a joint venture to deliver renewable
hydrogen to large-scale industrial projects worldwide. In November
2020, ITM Power completed a GBP172m fundraising, including a GBP30m
investment by Snam, one of the world's leading energy
infrastructure operators. In January 2021, the Company received an
order for the world's then largest PEM electrolyser of 24MW from
Linde. In October 2021, the Company, with Linde, announced the
deployment of a 100MW electrolyser at Shell's Rhineland refinery,
following the start-up of an initial 10MW facility at the site. In
November 2021, ITM Power raised GBP250m to accelerate
expansion.
ITM Power operates from the world's largest electrolyser factory
in Sheffield with a capacity of 1GW (1,000MW) per annum, with the
announced intention to build a second UK Gigafactory in Sheffield
with a capacity of 1.5GW expected to be fully operational by the
end of 2023. The Group's first international facility, expected to
have a capacity of 2.5GW per annum, is intended to be operational
by the end of 2024, bringing total Group capacity to 5GW per annum.
Customers and partners include Sumitomo, Ørsted, Phillips 66,
Scottish Power, Siemens Gamesa, Cadent, Northern Gas Networks,
Gasunie, RWE, Engie, GNVert, National Express, Toyota, Hyundai and
Anglo American among others.
-ends-
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