ITM Power, a company which manufactures hydrogen energy solutions, has announced meagre results for FY 2021, running a loss from operations of £26.7m.
While sales revenue jumped 30 per cent year on year to £4.3m, adjusted EBITDA losses increased by 18 per cent to stand at £21.4m. Total revenue and project grant funding stood at £5.1m, a decline of six per cent compared to the previous year despite growing government interest in hydrogen power.
Graham Cooley, CEO, commented positively on the results saying, “2021 has been another transformational year for ITM Power,” with the company moving to a new site in Bessemer Park, the world’s largest electrolyser factory, and launching a new 5MW Gigastack product.
He said, “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.”
Interest in the company was boosted in May by reports stressing the macro market demand for hydrogen. The IEA (International Energy Agency) stated that to acheive net zero by 2050 the world needs 322m Tonnes of electrolytic hydrogen and a global electrolyser capacity of 3,585GW.
This year, the company completed a £172m fundraising round, including a £30m investment by Snam, one of the world’s leading energy infrastructure operators. ITM Power also received an order for the world’s largest PEM electrolyser of 24MW from Linde in January 2021.
Going forwards ITM Power said that revenue will depend upon site access, travel restrictions, and Micro-chip and steel availability which could be impacted by the pandemic.
The company is expecting revenue in FY2022 to be heavily weighted to the second half of the year.