17th Aug 2023 09:33
(Alliance News) - ITM Power PLC on Thursday reported an increased loss whilst it hailed its plans to expand into "important growth markets" such as the EU, with big demand ahead for green hydrogen.
The Sheffield, England-based maker of electrolysers to produce green hydrogen said pretax loss in the financial year that ended on April 30 was GBP101.2 million, widened from GBP46.7 million a year before.
Revenue fell 7.1% to GBP5.2 million from GBP5.6 million. Cost of sales ballooned to GBP84.3 million from GBP29.1 million.
Looking ahead, the company expects big demand for green hydrogen, as it aims to expand with "vastly increased confidence with regards to our capability to deliver products at volume." It emphasised that it is currently building up a new global business development function in its new Linden facilities of ITM Power Germany in its core market, the EU.
It added: "In its latest world energy transition outlook, the International Renewables Energy Agency, stated that clean hydrogen production needs to rise to 518 million tonnes per annum by 2050 from the current level of 0.7 million tonnes per annum."
Further, the company said it starts financial 2024 with a strong financial position, expecting revenue of GBP10 million to GBP14 million and an adjusted loss before interest, tax, depreciation and amortisation of GBP45 million to GBP55 million, narrowing from GBP94.2 million in financial 2022.
Meanwhile, ITM released POSEIDON, its 20-megawatt core electrolysis process module, which is replicable for scaling up into large-scale plants. The company has started bidding the module into commercial plants.
ITM Power shares rose 4.4% to 90.98 pence each on Thursday morning in London.
By Tom Budszus, Alliance News reporter
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