UK-based electrolysers manufacturer ITM Power Plc has secured a significant agreement to reserve 500 MW of future stacks production capacity for an undisclosed industrial customer. The deal, announced recently, extends through the end of 2028 and includes provisions for call-offs against forthcoming projects in Europe and the US.
“Today's announcement is a great example of how close collaboration will unlock competitive and successful green hydrogen projects. Following the already announced capacity reservation for 100 MW from Shell, this agreement with yet another large-scale industrial customer is a validation of our technology and credibility to deliver,” remarked Dennis Schulz, CEO of ITM Power.
ITM Power specializes in proton exchange membrane (PEM) electrolysers and has shown robust growth in its fiscal outlook. The company anticipates revenues for the fiscal year ending April 2024 to range between GBP 16 million and GBP 16.5 million, exceeding previous forecasts. Adjusted EBITDA losses are projected to decrease significantly to between GBP 39 million and GBP 44 million, marking a reduction of more than 50% compared to the previous year. ITM Power expects its net cash position to reach GBP 230 million, surpassing earlier guidance.
“We grew revenue more than threefold and halved our losses, and in line with our strategic priorities, we managed our cash carefully. I am pleased with our progress, and look forward to providing further details, including guidance for the current year, at the time of our preliminary results announcement in August,” Schulz added.
