Itm Power Share Discussion Threads

[skinny] 17/8/2023 07:04

ITM Power releases POSEIDON, our new cutting-edge 20MW module

ITM is excited to announce the release of POSEIDON, our new cutting-edge 20MW core electrolysis process module. Engineered by ITM incorporating real-world lessons learned from commercial projects, this standardised module with optimised footprint is replicable for scaling up into large-scale plants.

POSEIDON consists of skid-mounted units which can be pre-fabricated and pre-tested. This reduces deployment timelines and construction costs, and de-risks projects.

The module is based on ITM's state-of-the-art stack technology, is suitable for both indoor and outdoor installation, and can be efficiently integrated into the balance of plant.

POSEIDON is now available and we have started bidding the module into commercial projects.

Dennis Schulz, CEO, said: "Green hydrogen project sizes continue to scale, and ITM is responding with a new product release. POSEIDON is a game-changer for large-scale electrolyser deployments."

[skinny] 17/8/2023 07:00

HIGHLIGHTS

Final results summary

-- Revenue of GBP5.2m (FY22: GBP5.6m) significantly ahead of guidance of GBP2m
-- Adjusted EBITDA loss of GBP94.2m (FY22: GBP39.8m)* in line with the GBP85m to GBP95m guidance
-- Net cash at the year end of GBP283m (FY22: GBP366m) ahead of guidance of GBP245m to GBP270m
* Adjusted EBITDA is a non-statutory measure. The calculation methodology is set out in Note 4

The financial performance for the year is in line with, or ahead of, the expectations set at the year end trading update on 1 June 2023. Our 12-month plan, including stringent cash control in the second half of the year, led to higher revenue and a stronger balance sheet position compared to the revised guidance.

Strategic update: Good progress made against our 12-month priorities plan

-- Product portfolio significantly simplified, concentrating on our core product suite, with mature engineering processes and robust product validation, preparing for manufacturing at scale

-- A rigorous approach to capital allocation and cost management, including a significant reduction in headcount enabling us to reinvest faster to professionalise important areas such as engineering and manufacturing

-- Debottlenecking fabrication and testing by incremental automation, expansion of our factory in Sheffield, and investment into ITM Power Germany

Financial guidance for FY24

-- Revenue expected to increase to between GBP10m and GBP18m from commercial projects in execution

-- Adjusted EBITDA loss improving with growing output/sales and expected to be in the range of GBP45m to GBP55m

-- Net cash at year end expected to be in the range of GBP175m to GBP200m after significant capital investment in capacity expansion, including power supply upgrades

Commenting on the results, CEO Dennis Schulz said:

"I have been at ITM for just over half a year, joining the company at a time of challenging operational and financial performance, and it is encouraging to see the amount of progress we have been making against our 12-month plan laid out in January 2023. The implementation, which is moving at pace, will strengthen our operational and commercial capabilities, and steer a successful path to becoming a highly efficient and reliable volume manufacturing company.

Whilst some revenues related to product deployments have yet to be recognised at customer site acceptance testing, I am very proud that more products have left the ITM factory over the past six months than in the previous 22 years of its history. This is a testament to tangible progress on our transformation journey.

Our technology is state of the art and globally leading. We are deploying our electrolysers for some of the largest and most prominent green hydrogen projects under execution worldwide today. These projects will serve as important reference plants and play a crucial role in building confidence with customers for even larger deployments in the future.

The big demand for green hydrogen lies yet ahead, and ITM will be ready!"

[norbus] 17/8/2023 05:43

Schulz very proud that more products have left the ITM factory over the past six months than in the previous 22 years of its history. This is a testament to tangible progress on our transformation journey.

We are deploying our electrolysers for some of the largest and most prominent green hydrogen projects under execution worldwide today. These projects will serve as important reference plants and play a crucial role in building confidence with customers for even larger deployments in the future.

Let me pick just three of various features which make our technology superior. First, our stack is operating at by far the highest current density in the market, which reduces material use, size and ultimately cost substantially. ITM has already exceeded the EU's 2030 target of 2.5 A/cm(2) in 2019. Second, our technology has market-leading conversion efficiency at levelised current densities to any competitor, which reduces operational cost for the end customer. This is because there is an inverse relationship between current density and conversion efficiency. Third, our technology has the lowest reported precious metal loading, which reduces cost and relieves potential future supply chain constraints. Over the last 10 years, ITM have already been able to reduce precious metal loading by 80%, and we are continuing to reduce it even further. Since 2019, we have been meeting the EU's 2030 target of 0.4mg/W.

Stunning what the man achieved in his first 6 months;

[eyetm] 16/8/2023 23:07

Considering how long this sort of in depth analysis has been on the books I can not see any way that ITM can miss out on getting the order for the required electrolysers for the freshly announced funding awarded to SSE. If this comes to be it would appear that the high level networking conducted by DS, Downing Street included, will have served it's purpose. That is apart from screaming obvious! If this turns out not to be the case then the calls for a full scale transfer of the business to be based elsewhere need to be seriously considered.

[moontheloon] 16/8/2023 21:52

Think youre right. Germany does beckon. UK will put more risk on the likes of itm. They need to stand on own two feet ... Eventually. But a new sector needs support. Sunak is the worst he's not got long

[moontheloon] 16/8/2023 21:43

Gigastack dropped. https://www.hydrogeninsight.com/policy/three-green-hydrogen-projects-drop-out-of-first-uk-production-subsidy-round-ahead-of-negotiations/2-1-1502061

[grahamwales] 16/8/2023 21:36

ITM seriously has to look at pulling out of the UK as soon as possible. This country is a dead duck as far as hydrogen is concerned. The UK does not deserve the jobs ITM are creating.

[albert35911] 16/8/2023 18:26

Back up tomorrow

[moontheloon] 16/8/2023 17:42

The new kid on the block ... Very new ... WHY? WHO? WHAT?

[moontheloon] 16/8/2023 17:40

Arrowstreet capital I wonder if they added to short today ? They obviously were given something when they did a deep dive with their strategy ..?...We believe that markets are inefficient, and that a well-conceived investment process can generate superior risk adjusted returns.INVESTMENT PHILOSOPHYWe believe that for information to be applicable in an active investment process it must be both relevant to share prices and slowly reflected in share prices. In fact, the most valuable and often overlooked insights for forecasting equity returns are often found by observing information pertaining to related securities. This information is not as obvious and, as a result, is generally reflected more slowly in share prices. In addition, we believe that active management is intrinsically dynamic. What worked in the past may work less well, if at all, in the future. To this end, we continually reinvest in research and infrastructure in order to maintain sustainable sources of competitive advantage and alpha.Finally, we believe that with the right combination of investment insights and quantitative tools, we can increase risk-adjusted returns even after accounting for transactions costs.

[grahamwales] 16/8/2023 16:36

If they want 100mw from ITM they are just going to have to get in the queue.


UK Government backs two SSE projects in Net Zero Hydrogen Fund.

[moontheloon] 16/8/2023 16:32

Question is has shorts moved up or down today... Wish they had instant reporting too grey an area

[grahamwales] 16/8/2023 15:52

Stick around tomorrow 😁

[garybrandon] 16/8/2023 15:45

The one big RAMPER on here wants to bow his head in shame, lost genuine PIs £000, don’t think he will though, shame on him !!!

[garybrandon] 16/8/2023 15:44

This will crash tomorrow, big losses news has leaked out as it always does hence massive shorts !

[garybrandon] 16/8/2023 15:42

Bigger falls tomorrow, can’t wait to see how ITM are going to spin record losses lol

[moontheloon] 16/8/2023 15:38

The shorties have Def had a leak.

[book5] 16/8/2023 15:32

Tomorrow we will know if you there has been a leak

[moontheloon] 16/8/2023 15:13

Prospects are there gw we know that. It's the very short term prospects...I hope it's no change from forecasts... And a positive forecast. As want it to go in the right direction at speed like the good old days

[grahamwales] 16/8/2023 15:12

Going to be an interesting hour before market opens 😁. Expecting a very positive outlook.

Keep the faith 😎

[grahamwales] 16/8/2023 14:57

Tut tut moon. Meanwhile things may be moving at Refhyne 2


Getting boots on the ground is one of the best ways to get to know a business, from how it works to who the people making it all happen are.

Shell’s new Vice-President, Hydrogen, Andy Beard has been doing just that with help from Paul Bogers who handed the baton to Andy on 1 August.

Last week, the two visited Refhyne I in Germany to meet the team there and take a tour of the PEM electrolyser.

[moontheloon] 16/8/2023 14:47

Was advising you to take rose tints off . Even for a day

[grahamwales] 16/8/2023 14:26

All happening at Lingen 😁

[grahamwales] 16/8/2023 14:25

Moon you have already sold 😂😂😂

[baldrick1] 16/8/2023 14:18

Next stop 80-85p