ITM Power has revealed a stronger working capital position after its £29.4m ($41.3m) share placing fundraising.

The UK-based company has increased income by 47% and more than doubled the size of its order book as it released its half-year results for the six-month period ended 31st October 2017.

As it stands, the corporation has £27m ($38m) of projects under contract – up by £10m ($14m) on the previous half-year results – and a further £10.4m ($14.6m) of contracts in the final stages of negotiation constituting a total backlog of £37.4m ($52.6m), up 103% year on year.

The potential order book is now worth more than £200m ($281.2m).

The energy storage specialist is to supply the world’s largest PEM electrolyser to be installed in Germany as part of a refinery hydrogen (H2) project with Shell. In the half-year period it also installed the world’s first tidal-powered H2 generated at the European Marine Energy Centre (EMEC) in Orkney, as well as delivering the first H2 bus route in the Pau region of France and its 20 tonne/day (50MW) H2 refuelling station designs were launched in Las Vegas in September.

Its losses from operations stood at £2.9m, an increase from £2.3m ($3.2m) in 2016. ITM Power has a cash balance of £27.3m ($38.4m) at period end (2016:£1.7m).

CEO Graham Cooley said, “The six months under review have seen significant advances in all areas of ITM Power’s business. The announcement of the deployment of the worlds’ largest PEM electrolyser at Shell’s Rhineland refinery is a particularly important development seeing ITM Power enter the 10MW product class with a commercial product at scale. The company’s pipeline of deals has more than doubled since last year showing strong and consistent growth in both the refuelling and power-to-gas markets.”

Chairman Roger Putnam added, “The board is pleased with the result of the successful equity raise, which secured the working capital the company needs to underpin the significant progress that has been achieved in growing the order pipeline of commercial sales. Our stronger financial position will help us to continue to strengthen our relationships with a number of major blue-chip companies as we progress our international business. With the establishment of our new company in Australia I welcome Neil Thompson to the development team.”