Electrolyser manufacturer ITM Power has seen its order backlog grow to 499MW—up 61pc since September this year—as the acceleration of national hydrogen strategies continues to drive up demand for its technology, according to a recent company update.

In September, ITM reported a 30pc rise in sales revenue on an annual basis for the 2021 financial year, to £4.28mn ($5.7mn), mainly thanks to two major projects—a 10MW electrolyser for Shell at its Rhineland Refinery in Germany and a 10MW electrolyser at Scotland’s Whitelee windfarm, subject to final investment decision. The firm now has 200MW of new projects under negotiation.

“Today’s update provides a compelling endorsement of how fast our markets are growing and our decision to raise further funds to increase capacity domestically and internationally to take full advantage of this growth,” says ITM CEO Graham Cooley. 

“Together with our partners, we believe we can gain a material market share as a result of our experience, expertise and capacity to help industry to decarbonise using green hydrogen.”

“Today’s update provides a compelling endorsement of how fast our markets are growing” Cooley, ITM Power

Last month, the firm raised £250mn in equity financing to support the expansion of its manufacturing facilities.

It recently acquired a site for a second factory in Tinsley, Sheffield capable of producing 1.5GW/yr of electrolysers that it hopes to be fully operational by the end of 2023. ITM’s 1GW/yr facility at nearby Bessemer Park was completed in January.

The overall cost of the new Sheffield factory is expected to be £50-55mn. In addition to the £13.4mn cost of the land, the company is allocating up to £16mn for the construction of the shell and £20-25mn for the equipment and power supply.

A third international facility, expected to have 2.5GW/yr capacity, will bring the firm’s total electrolyser manufacturing capacity to 5GW/yr by the end of 2024.

---

Author: Tom Young