Slide 1: Interim Results
Interim Results | 27th Jan 2022 For the 6 month period to 31st October 2021 Graham Cooley, CEO | Andy Allen, CFO 1
Slide 2: ITM Power | Positioning & Progress
ITM POWER | POSITIONING & PROGRESS HYDROGEN ENERGY SYSTEMS Bessemer Park | January 25th 2022 ITM Power: ▪ ITM Power manufactures world leading, field-proven PEM electrolysers ▪ ITM Power has the largest PEM electrolyser factory in the world Operations: ▪ Annual capacity: 1GW pa by 2022 | 2.5GW pa by
Slide 3: Highlights
HIGHLIGHTS HYDROGEN ENERGY SYSTEMS Jan 22 MW Jan 21 MW % Change Work in Progress* 86 21 309% Highlights | 6 months to 31st Oct 2021 Contracts backlog** 499 163 206% Tender pipeline*** 880 331 166% ▪ Work in Progress | 86MW (21MW) Backlog + Pipeline 1,379 494 179% ▪ Backlog | 499MW (163MW) ▪ Tender P
Slide 4: Backlog & Tender Pipeline
BACKLOG & TENDER PIPELINE HYDROGEN ENERGY SYSTEMS Work In Progress (MW) Backlog & Tender Pipeline (MW) Backlog* YoY: ▪ Total: 499MW (163MW) ▪ Work in Progress | 86MW (21MW) ▪ Negotiation: 315MW (42MW) ▪ Preferred supplier: 98MW (100MW) Tender Pipeline** YoY: ▪ Tender Pipeline | 880MW (331MW) ▪ Reduc
Slide 5: 24MW Sale
24MW SALE HYDROGEN ENERGY SYSTEMS 24MW Ammonia Project ▪ 24MW electrolyser supplied via Linde Engineering ▪ Replica of Leuna driving plant standardisation ▪ Reduces CO2 emissions by ~41,000 tonnes ▪ Operational mid-23 | Revenue recognised 22/23 Ammonia | Global demand ▪ Largest hydrogen sector ~35m
Slide 6: 24MW Sale
24MW SALE HYDROGEN ENERGY SYSTEMS 24MW standardisation 24MW standardisation | Leuna ▪ Turn key 24MW electrolyser supplied via Linde Engineering ▪ Plant standardisation developed ▪ Reduces NRE costs ▪ Drives BoP standardization and cost reduction ▪ Standard bid and terms ▪ Ammonia engineering integra
Slide 7: Total Cost of Ownership
TOTAL COST OF OWNERSHIP HYDROGEN ENERGY SYSTEMS Delivering the Lowest LCoH2 Lowest H2 Production Costs Total Cost of Ownership | Winning Orders through Lowest LCoH2 • Performance • Testing ▪ Hydrogen production cost dominated by electrolyser performance • Technology roadmap ▪ Customers want low cost
Slide 8: The Effect of Natural Gas Prices
THE EFFECT OF NATURAL GAS PRICES HYDROGEN ENERGY SYSTEMS The Energy Transition and Natural Gas ▪ Green Hydrogen parity with Blue & Grey ▪ Price volatility of PPA linked Green H2 is low ▪ Fuel security a key driver in the energy transition ▪ Geopolitics driving the current price increases ▪ Carbon pr
Slide 9: Financial Snapshot | Six Months to October 2021
FINANCIAL SNAPSHOT | SIX MONTHS TO OCTOBER 2021 HYDROGEN ENERGY SYSTEMS Bessemer Park Interim Results ▪ Total revenue of £4.2m (October 2020: £0.2m) ▪ Adjusted EBITDA Loss * of £12.9m, (-£10.4m) Balance sheet at period end: ▪ Cash balance (excluding restricted balances) of £166.7m (£25.9m) ▪ Cash Ba
Slide 10: Guidance
GUIDANCE HYDROGEN ENERGY SYSTEMS Current year guidance: Bessemer Park Production: ▪ Completed product production volume 33-50MW ▪ Core stack module production in excess of 55MW Revenue ▪ Revenue heavily weighted to H2 2022 | Now Q4 2022 ▪ Revenue Recognition based on point in time for std product ▪
Slide 11: Aviation Park
AVIATION PARK HYDROGEN ENERGY SYSTEMS Aviation Park: 1.5GW Capacity 265,000 Sqft Opening Q4 2023 11
Slide 12: Summary
SUMMARY HYDROGEN ENERGY SYSTEMS Bessemer Park | January 27th 2022 Summary of Progress and Outlook: ▪ 24MW sale into the Ammonia Industry ▪ Strong balance sheet ▪ Strong market & policy momentum Outlook: ▪ Spades in the ground for UK Gigafactory H2 2022 ▪ Pipeline developments | sales ▪ Strategic rec
Slide 13: Interim Results
Interim Results | 27th Jan 2022 For the 6 month period to 31st October 2021 Graham Cooley, CEO | Andy Allen, CFO 13