A trading and operations update from ITM Power confirms the UK company now has approximately £18.67m ($26.1m) worth of projects in the pipeline.
The electrolysis and hydrogen (H2) fuel cell specialist company states it has £9.69m ($13.6m) of projects currently under contract with a further £8.98m ($12.6m) of contracts in the final stages of negotiation.
According to the company, the availability of several years of field data from its pressure swing membrane (PEM) electrolyser, combined with utility client references in Germany, has played a major role in securing new business opportunities.
Andy Allen, Chief Financial Officer of ITM Power, commented, “We are in a strong financial position now that we have secured the working capital required to realise the existing pipeline. Client confidence in ITM Power has increased as a result of the stronger balance sheet. We look forward to updating the market as further sales are achieved.”
Several highlights concerning refuelling stations have been realised for the company, most notably achieving operational status for the Riverside, CA fuelling station in record time in the US. Back on home soil, ITM Power has also been instrumental in rolling out a H2 refuelling network throughout the UK, with five stations set for delivery by the end of 2016 and a further three in the final stages of negotiation. The business has also become an approved supplier to Tier One player BOC.
We are in a strong financial position now that we have secured the working capital required to realise the existing pipeline. Client confidence in ITM Power has increased as a result of the stronger balance sheet
Regarding technologies, its 0.5MW electrolyser and compression system is presently undergoing factory acceptance testing prior to its shipment to the European Marine Centre, whilst its first 1MW electrolyser system project, based on the large stack platform, is in the final stages of negotiation.
Additionally, the company raised £5.8m ($8.1m) before expenses in January 2016, and now considers itself ready to support new, larger orders as they convert from the sales quoting process.
A statement from the company said, “Our key strategic goal is to become cash flow positive in the shortest time possible while at the same time strictly controlling the cost base - which we have successfully achieved over the last two years despite revenues rising significantly.”
ITM Power generated a total revenue and grant funding of £3.45m ($4.8m) in its most recent financial result - the six-month period ending on 31st October 2015.