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The Directors believe that through the commercial partnership, Snam's recognised leadership in hydrogen and extensive global network can support the Group in its positioning to capture the global green hydrogen opportunity. The Directors also recognise the opportunity that Snam's extensive energy network experience and commitment to a sustainable energy transition present to identify and deliver future projects through both the Group and ITM Linde Electrolysis GmbH (ILE), the Group's joint venture with Linde Group incorporated earlier this year.
Haven't had time to go through all the info on Snam investment but first thoughts/concerns are potential conflict of interest between Linde and Snam - both are project implementers. Anyone shed some light on this?
Very surprised that this board isn't absolutely popping off after those RNS!
From the Snam website:
https://www.snam.it/en/Media/Press-releases/2020/Snam_green_hydrogen_technologies_partnership_with_ITM_Power.html
With this agreement, which includes Snam's €33 million investment in ITM Power Plc, the Company will have the opportunity to gain understanding from one of the technical leaders in a crucial intersection point for the development of green hydrogen
Snam's global presence will also act as a driving force for the development of ITM Power, thanks to the commercial alliance for the possible development of projects in the period 2021-2025
Developments In the last 12 months:
· Strategic partnership with Linde announced in October 2019 and formation of ITM Linde Electrolysis (ILE) GmbH joint venture, allowing ITM Power to focus exclusively on the manufacture of electrolysis equipment for larger scale systems
· Commercial partnership agreement with Snam S.p.A. (one of the world's leading energy infrastructure operators) announced today, including a £30m strategic equity investment in the Company, together with an initial 100MW preferred supplier indicative commitment to 2024
· Proposed equity fund raise of £150m (including the Snam investment) plus an up to £7m open offer (to existing shareholders) to accelerate the Company's development also announced today
· Record current backlog of £118.7m (previous high £55.0m) and tender opportunity pipeline of £324.9m (£263m as at June 20)
· Near completion of the worlds' first Gigafactory at Bessemer Park, Sheffield, expected to reach annual production capacity of 1,000MW per annum by end 2023
· EU funding of €150 billion announced for green hydrogen in the 10 years to 2030
· A total of five European governments have now stated explicit electrolyser targets for 2030: France 6.5GW, Germany 5GW, Spain 4GW, Holland 3-4GW and Portugal 2GW
FY2020 Financials:
· Transition year with revenues and EBITDA adversely affected by COVID-19, Brexit and the adoption of IFRS 15
· Total Revenue & Project Grant Funding of £5.4m (2019: £17.5m) down 69%, comprising:
o Sales revenue: £3.3m (2019: £4.6m) down 28%
o Collaborative grant income recognised: £2.1m (2019: £12.9m) down 84%
· Loss from operations £29.4m (2019: £9.3m),
· Adjusted EBITDA loss (see note 7) £18.1m (2019: loss £7.3m), increased 148%
· Available cash balance of £39.9m at year-end (2019: £5.2m)
Graham Cooley, CEO, commented, "2020 has been a transformational year for ITM Power. We attracted a strategic investor and joint-venture partner in Linde, the world's largest speciality gases company, we strengthened our balance sheet so that we can take full advantage of the rapidly expanding green hydrogen market and we put the finishing touches to the world's largest electrolyser factory in Sheffield. I believe we have the right products at the right time and the capacity to produce them at scale. Today's partnership agreement with Snam and the fund raise means that we are very well positioned for the future."
Lots to catch up on - probably explains some of the recent 'interest' on this board
Annual report has just dropped my god there is enough here to keep some keypads burning all night .
Nice reading folks.
Fancy buying in at £2.35 when the sage of nowhere is busy predicting £1.75.
Lots to analyse here. Also, results supposedly posted although I can't find them as yet.
PSmith will be firing his keypad up about now!!!!