focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Update on what is Neptune
https://itm-power.com/products/neptune
All trades have a buyer, but by convention the system tries to work out if the price paid was on the sell side or the buy side of the deal. Not a perfect solution especially when towards the end of the day were a certain amount of settling out occurs. So it only partially suggests the coming movement.
When you put that with the size of any trade, it becomes more significant and often institutions and large players tend to report their trade (and make their trade) after closure of the main market.
End of day for a share that the business behind it has lumpy sales and the whole market is correcting after yesterday's good numbers.
yawn
On the other hand more and more governments and industries are beginning to move against fighting climate change and our own idiots are getting dumber.
On the up side the average IQ of the department of business and energy went up a fair bit yesterday....
Trouble is we've got Claire Coutinho (Brexiteer) but at least she has a Master's degree, Mathematics and Philosophy. Grade: 2:1
Dont let the "Masters" fool you, this is a normal Bachelors degree but you could make it into a Masters for £20 and some mumbled latin.
Take a closer look at TRIDENT, our 2MW electrolyser skid based on our industry-leading 30bar stacks.
TRIDENT is the most advanced PEM electrolyser technology on the market today. Our stacks are capable of the highest current density, enabling reduced footprint and cost. Coupled with leading conversion efficiency it provides flexibility for project CAPEX/OPEX optimisation.
After 23 years of pioneering innovation, ITM understands how to produce stacks that outperform and last. That is why we are the supplier of choice for industry-leading customers, entrusted to deliver several 100MW plants.
Find out more https://lnkd.in/eG9TWMwg
Note that customers set delivery dates not factories, Dennis doesn't need to ramp up production rates until the sales rate increases.
"Linde, you awake in the corner" ;-)
In terms of how many can they make etc. I guess it depends on the stack assembly process (which I assume they are getting pretty consistent now) and the testing soak time. Given the factory is giga factory I'd assume they could, if geared up, pop out one every roughly half day. (250days/(1000/20)) which is the drum beat required by the factory.
But since I don't believe in giga factories who knows but frankly that is the easy part, the tricky part is getting a sales funnel that can generate 20MW sales every half day. I live in hope.
"ITM Power has signed an agreement with Power On Connections Ltd, a leading expert in utilities connections, to increase ITM’s power supply at Bessemer Park by 300% from 7.5 to 30 megavolt amperes (MVA) by the end of 2024. This additional power supply will enable ITM Power to significantly increase product testing aligned with our growth ambitions."
Mega Volt Amps.
Note that there is no information on any power uplift between those two dates
Just as a general note, testing is not a way to measure quality. Testing is a way to cover the a@@@@s of the person paying the acceptence cheque.
Since Poseiden come in sub-modules (or so the details we've been allowed to see so far) I'd guess you can tickle them each, sub-module at a time.
Dennis's Linkedin quote
2d •
Our PEM technology is state of the art and globally leading. We are deploying our electrolysers for some of the largest and most prominent green hydrogen projects under execution worldwide today. It was time to make our product branding as punchy as our technology:
TRIDENT:
Our commercially proven 2MW electrolyser skid TRIDENT is based on our latest generation, industry-leading 30bar stacks. Our technology is capable of the highest current density on the market enabling reduced footprint and cost. Coupled with leading conversion efficiency it provides flexibility for project CAPEX/OPEX optimisation. Our strong R&D foundation fuels continued innovation to further enhance efficiency and performance. This gives our customers confidence they are investing into a future-proof solution for green hydrogen production.
NEPTUNE:
With our state-of-the-art stack platform at its heart, NEPTUNE is a fully autonomous 2MW Plug & Play electrolyser system. Supplied with a power conversion system and incorporating all necessary balance of the plant, the electrolyser can be readily deployed as a complete package.
POSEIDON:
Our 20MW core electrolysis process module is engineered to incorporate real-world lessons learned from commercial projects. POSEIDON is a modular building block enabling scale up with optimised footprint. Suitable for both indoor and outdoor installation, it consists of skid-mounted units which can be pre-fabricated and pre-tested. This leads to reduced deployment times and lower project costs.
Over the next weeks, we will introduce each product in more detail via our official ITM Power channel.
I'd look at 65p of the 90p as just the cash in the bank. So the future growth is on the 25p (90-65) to say 75p in the next two years while the 65p (cash in bank) falls to 50p. Hence a target of £1.25 but we are on the same side of the fence.
I faced this a lot in a business I ran. The cash model was just like theirs and our revenue model was similar. My group accountants kept complaining about revenue not hitting our top down imposed targets, but our cash flow was the best in the group. We were normally cash positive from day one, while other divisions were miles behind. This does make it a bit difficult for the city'punters to understand.
When has Dennis set his target final final invoice payment rule for when installation stalls?
I suspect we are not trying to value a company. We are trying to work out what is a price worth paying for the share now so that we can accept dividends and a higher price sometime into the future. This might seem like a "value" but I think it is more complicated than that.
On the basis you can earn 6+% a year in a fixed interest account for the next two years the roughly 90p of today's share must mean that you think it will be worth more than £1 in two year's time and zero chance of being worth less than 90p
I worked in a global business who used to fix this sort of problem in a short meeting. Meanwhile I insisted on FMEA. They solved nothing, it seems to be a problem with bright people they don't like to use proven tools if they can "solve it" their own amateurish way.
BTW, for those who heard about Failure Mode Event Analysis from Dennis for the first time. This is an incredibly tough process that can consume massive amounts of time looking at the design process, the production process, the installation process, the usage process and the infield process and removing all the likely points of failure. I've used it a fair few times and, while painful, it makes incredible changes to product quality. Like Dennis I'd call it a professional approach to engineering and that it was not being used before his arrival is a real indication of the benefit of the CEO change.
I could ask, what was the Chair doing all this time, but I guess you know my opinion. But clearly, a new (but mature and hence unlikely new Chair material) NED from a charity owned insurance business would be perfect fit to the company's needs (sarcasm).
Resign now!
Thanks, I think Shell is still a share holder and still installing equipment. They still need a source of clean hydrogen in Europoort and will need more kit yet. If we have learnt nothing in 18 months of war, you cannot run chemical plants without feedstock.
Just interested to know what the actual Shell claim was. I block some of the nuttier members of our group so I may have missed it.
Probably worth following Dennis on Linkedin. Great photos of the factory slowly appearing week after week
Nothing to prove equipment not fully tested.
everything seems to show the product was not fully designed
In terms of the tenders, the UK government has run out of money, the national debt is out of control in a state with ever rising demographics. The government is also contaminated by some nutters who think net zero should not be a target. So pull some spend makes sense to them.
To Germany, no
If anything they have demonstrated an amazing loyalty to the UK, by further expanding on the Sheffield site to move Engineering etc out of the massive Production unit they have just invested in and the massive power connections they are sorting out for that site.
Moving customer service to the country most likely to require customer servicing is the very least they should have done. Germany is by far the largest user of hydrogen in Europe and has the largest industries likely to move to even more hydrogen use in Europe. Keeping customer services in the UK would be barking. Multi-lingualism is hardly a UK trait, with Brexit making such hopes ever more laughable.
Tufan Erginbilgic, you don't think he has his hands full?
Yes, someone, under 50, active CEO of a growth business not someone over 65 from an insurance company.