Itm Power Plc · LSE:ITM
Itm Power — H1 2021 Earnings Presentation
18 slides from Itm Power's earnings presentation, January 2021
Slide 1: ITM Power | Interim Results | Jan 2021
ITM Power | Interim Results | Jan 2021 Graham Cooley, CEO, ITM Power plc Andy Allen, CFO, ITM Power plc From Bessemer Park 1
Slide 2: Key Achievements
KEY ACHIEVEMENTS HYDROGEN ENERGY SYSTEMS Key Achievements in the period: ▪ Record Backlog: £124m (October 2020: £118m) ▪ Increasing Tender pipeline of £434.7m (October 2020: £324.9m) ▪ £172m fundraise completed Oct 2020 | including £30m investment by Snam ▪ Occupation of Bessemer Park | world’s larg
Slide 3: Manufacturing Acceleration
MANUFACTURING ACCELERATION HYDROGEN ENERGY SYSTEMS Double Capacity | Half Lead Times: ▪ Enhance 1GW capacity of Bessemer Park through automation ▪ Eliminates bottleneck of testing with 5MW power supply ▪ Use blueprint to set up new factory to increase capacity ▪ New factory in strategic location to
Slide 4: Manufacturing Acceleration: From Atlas Way to Bessemer Park
MANUFACTURING ACCELERATION HYDROGEN ENERGY SYSTEMS Measure Atlas Way Bessemer Change Production capacity 100MW 1GW+ 10x Effective capacity <30MW 1GW+ 30x Test Zone 0.5MW (outside) 5MW ATEX (inside) 10x Automation None Semi Automated Confidential Control room 24hr UK 24hr Worldwide Systems IT | Conne
Slide 5: Technology Acceleration
TECHNOLOGY ACCELERATION HYDROGEN ENERGY SYSTEMS 0.2MW 2MW 5MW 80kg/day 800kg/day 2100kg/day Superior offering for the XL market: ▪ Acceleration of 5MW stack module underway ▪ Market leading electrolyser performance ▪ Responding to the market demand for large scale ▪ Standardisation and modularity at
Slide 6: Technology Acceleration
TECHNOLOGY ACCELERATION HYDROGEN ENERGY SYSTEMS Superior offering for the XL market: ▪ Acceleration of 5MW stack module underway ▪ Market leading electrolyser performance ▪ Responding to the market demand for large scale ▪ Standardisation and modularity at scale ▪ Pre-engineer into 20MW packages for
Slide 7: Technology Acceleration: Sale to Linde of World's Largest PEM Electrolyser
TECHNOLOGY ACCELERATION HYDROGEN ENERGY SYSTEMS Sale to Linde of World’s Largest PEM Electrolyser: ▪ A 24MW industrial turn key plant ▪ Linde Engineering designed the BoP ▪ First ILE industrial scale project ▪ Demonstrates Linde’s commitment to the technology ▪ Important new German reference plant ▪
Slide 8: Volume & Scale Driving Efficiencies
VOLUME & SCALE DRIVING EFFICIENCIES HYDROGEN ENERGY SYSTEMS ITM Electrolyser Cost Reduction ▪ Target 50% electrolyser cost reduction within 5 years ▪ Biggest gains available in PEM stack & power conversion ▪ Based on product standardisation & modularisation ▪ Product control enables improvement in a
Slide 9: FCHJU | Off Shore Green Hydrogen
FCHJU | OFF SHORE GREEN HYDROGEN HYDROGEN ENERGY SYSTEMS Off Shore Wind Integration Project: ▪ FCHJU 2020 | OYSTER | UK remains in Horizon Europe ▪ ITM, Ørsted and Siemens Gamesa ▪ ITM leading the power systems integration ▪ 1.4MW + onshore demo ▪ €5m available 100% funded R&D project ▪ Continuation
Slide 10: Financial Results
Bessemer Park | New CNC machines | Now in operation Financial Results: ▪ Results Snapshot ▪ Contracts Backlog ▪ Tender Opportunity Pipeline ▪ Summary Andy Allen | CFO | Financial Results 10
Slide 11: Financial Snapshot | Six Months Ended Oct 2020
FINANCIAL SNAPSHOT | SIX MONTHS ENDED OCT 2020 HYDROGEN ENERGY SYSTEMS Total income of £4.4m (£3.8m), up 16%, comprising: ▪ Revenue of £0.2m (£2.4m), down 92% due to Covid impact of ~£3m ▪ Grant income plus grants receivable for capital projects of £4.2m (£1.4m), up 200% Adjusted EBITDA Loss* of £10
Slide 12: Financial Snapshot | Six Months Ended Oct 2020
FINANCIAL SNAPSHOT | SIX MONTHS ENDED OCT 2020 HYDROGEN ENERGY SYSTEMS
Slide 13: Backlog | Contracted and in Negotiation
BACKLOG | CONTRACTED AND IN NEGOTIATION HYDROGEN ENERGY SYSTEMS Record Backlog: £124.0m | previous £118.7m (Oct 2020) ▪ £36.1m of contracted projects (up 144%) ▪ £16.2m of contracts in negotiation → deal conversion ▪ Includes SNAM preferred PEM electrolyser supplier status c.£70m* ▪ Includes Linde G
Slide 14: Backlog | Contracted and in Negotiation
BACKLOG | CONTRACTED AND IN NEGOTIATION HYDROGEN ENERGY SYSTEMS Record Backlog: £124.0m | previous £118.7m (Oct 2020) ▪ £36.1m of contracted projects (up 144%) ▪ £16.2m of contracts in negotiation → deal conversion ▪ Includes SNAM preferred PEM electrolyser supplier status c.£70m* ▪ Includes Linde G
Slide 15: Tender Pipeline
TENDER PIPELINE HYDROGEN ENERGY SYSTEMS Tender Pipeline stands at £434.7m (up 34% since Oct 2020): ▪ ITM total value: £288.3m (65% of total) ▪ ILE total value: £146.4m (35% of total) ▪ Total Capacity: 428.7MW ▪ Excludes Feasibility and FEED studies for larger scale plant ▪ Excludes wider pipeline de
Slide 16: Tender Pipeline
TENDER PIPELINE HYDROGEN ENERGY SYSTEMS Tender Pipeline stands at £434.7m (up 34% since Oct 2020): ▪ ITM total value: £288.3m (65% of total) ▪ ILE total value: £146.4m (35% of total) ▪ Total Capacity: 428.7MW ▪ Excludes Feasibility and FEED studies for larger scale plant ▪ Excludes wider pipeline de
Slide 17: Summary
SUMMARY HYDROGEN ENERGY SYSTEMS Why ITM Power: ▪ Rapid market growth at the multi GW scale ▪ Global technology leadership and manufacturing scale ▪ Continuing transformation of the backlog and pipeline ▪ Linde order of 24MW (world’s largest PEM electrolyser) ▪ Funds in place to accelerate ITM Power
Slide 18: ITM Power | Interim Results | Jan 2021
ITM Power | Interim Results | Jan 2021 Graham Cooley, CEO, ITM Power plc Andy Allen, CFO, ITM Power plc From Bessemer Park 18