ITM Power Plc (LON:ITM) announced this morning that it has completed the sale of a 0.5MW electrolyser with some associated ancillary hydrogen energy hardware to a customer for £0.73m. No further details of the transaction have been made public. This is further evidence of ITM building a top line and moving on a trajectory towards breakeven, cash generation and beyond.
ITM currently has £18.3m of projects under contract and £6.4m in final negotiation. This gives a total pipeline of c. £24.7m contracted or in final negotiation subject to exchange rate variation. This growing pipeline is evidence of ITM executing its strategy of embedding its technology in target markets including scale renewables storage by power to gas (‘P2G’) and hydrogen fueling infrastructure at this key early stage of market evolution.
ITM Power Plc manufactures integrated hydrogen energy solutions which are rapid response and high pressure that meet the requirements for grid balancing and energy storage services, and for the production of clean fuel for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and is a founder member of the Social Stock Exchange. The company received £4.9m as a strategic investment from JCB in March 2015; signed a forecourt siting agreement with Shell in September 2015 and a fuel agreement with Toyota in October 2015. The Company currently has £18.31m of revenue under contract and £6.41m in the final stages of negotiation, making a total pipeline of £24.72m (subject to exchange rate variation).