Business
Trading & Corporate Update
Trading & Corporate Update.
About this update from Itm Power Plc
[{"type":"text","content":"\n \n \n 9 June 2022\n \n \n \n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n \n \n \n \n \n ITM Power plc\n \n \n \n (\"ITM\", \"ITM Power\", the \"Group\" or the \"Company\")\n \n \n \n \n \n \n \n \n Trading and Corporate Update\n \n \n \n \n Development of ITM Power Service Hub in Germany\n \n \n \n \n \n \n ITM Power (AIM: ITM), the energy storage and clean fuel company, provides an update on the Group's progress since the publication of the Half Year Report on 27 January 2022. The update covers work in progress and the contracts backlog as well as unaudited financial results expected for the year ended 30 April 2022 (FY22). The Company will announce final results for the year on 8 August 2022.\n \n \n \n \n \n \n Backlog:\n \n \n \n ·\n Record backlog of 755 MW as at 1 June 2022, up by 53% since January and up by 160% yoy\n \n \n o\n Contracted: 75 MW\n \n \n o\n In negotiation: 342 MW\n \n \n o\n Preferred supplier: 338 MW\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Apr 22 MW\n \n \n \n \n \n \n Apr 21 MW\n \n \n \n \n \n \n % Change\n \n \n \n \n \n \n \n \n Work in progress*\n \n \n \n \n \n 75\n \n \n \n \n 43\n \n \n \n \n 74%\n \n \n \n \n \n \n \n Contracts backlog**\n \n \n \n \n \n 755\n \n \n \n \n 290\n \n \n \n \n 160%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n *Work in progress\n \n \n \n \n Contracted backlog\n \n \n \n \n \n \n **Contracts backlog\n \n \n \n \n Contracted backlog and contracts in the final stages of negotiation and preferred supplier backlog\n \n \n \n \n \n \n \n \n \n \n Commercial and product developments:\n \n \n \n ·\n 240 MW preferred supplier status of projects with Motive, our 50:50 JV with Vitol, to support the rollout of refuelling infrastructure\n \n \n ·\n The sale of a 24 MW electrolyser to Linde Engineering, which is to be installed at a site operated by Yara Norge AS (\"Yara\") located at Herøya outside Porsgrunn. The electrolyser equipment, which will be used to produce green ammonia, will have revenue recognised in FY23\n \n \n ·\n Award of £9.3m for Gigatest from Department for Business, Energy and Industrial Strategy (BEIS), under its Net Zero Innovation Portfolio Low Carbon Hydrogen Supply 2 Competition, to accelera...