Energy storage specialist ITM Power has revealed an increase of £5.66m ($7.1m) in signed contracts in the last 11 weeks in its latest operations update.
This new development brings the UK-based company’s total contracted pipeline to £24.36m ($10.6m), with £22.64m ($28.4m) of projects under contract and a further £1.72m ($2.2m) of contracts in the final stages of negotiation.
ITM Power attributes this financial boost to a response to customer tenders for its MW scale rapid response electrolyser products in energy storage, refuelling and chemical synthesis applications.
The bulk of the company’s enquiries continue to be for its 0.3MW to 6MW systems, often including ancilliary hydrogen (H2) energy systems and after sales support contracts. The company also revealed that it is increasingly receiving enquiries from multinational entities for significantly larger platforms and for a broader range of applications.
“Demand for quotes and interest in our products and expertise continue to grow”
Dr Graham Cooley, CEO
ITM Power currently owns five operational public H2 refuelling stations with another seven under contract. In addition, it contracted 5.25MW of large electrolysis equipment in 2016 with a further 3.5MW contracted in the first quarter of 2017.
In fiscal year 2016, orders totalled £15.68m ($19.61m) – an increase of 100% year-on-year.
CEO Dr Graham Cooley explained, “The increase in contracted projects over the last few months is testimony to the performance and cost reduction of ITM Power’s technology and to our vastly experienced sales team.”
“Demand for quotes and interest in our products and expertise continue to grow, resulting in some sizeable contracts for the second half of the current year and beyond. We hope that we can continue to develop our technology, contacts and order book as demand for our products and know-how increases on the back of these high-profile undertakings.”