Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
German crisis in case you are not up to speed
https://www.reuters.com/markets/europe/germany-freezes-new-spending-commitments-budget-woes-deepen-2023-11-21/
Beyond 2050 commented on the Hunt visit as follows
We’re proud that Jeremy Hunt and HM Treasury last Friday chose ITM Power (a client of Beyond2050) as the location to announce £4.5bn to “build the UK’s expertise for the industries of the future”.
This is the start of the build-up to the #AutumnStatement on Wednesday, which has been billed as the moment when the UK Government will respond to the US #inflationreductionact.
ITM Power operate the UK’s largest #electrolyser factory, and soon will be opening an additional site next door. They are based in Sheffield, employ c400 people and are exporting their technology across the world.
As Hunt said in the Treasury press release “we are targeting funding to support the sectors where the UK is or could be world-leading”. The key hydrogen announcements are:
* A commitment of £960m for a Green Industries Growth Accelerator “to support clean energy manufacturing,”, which will be open to the hydrogen sector to compete in.
* To “launch a hydrogen industry taskforce with the Hydrogen Innovation Initiative and Innovate UK, supporting our ambition to maximise investment opportunities for UK manufacturing of hydrogen propulsion systems."
Some other important points to note are:
* Over £2bn has been “earmarked for the automotive industry”.
* £975m will be allocated for aerospace, “supporting the manufacturing, supply chain and development of zero emission vehicles, and investment in energy efficient and zero-carbon aircraft equipment”.
* An Advanced Manufacturing Plan will be published later this week.
However, one key detail is that “the funding will be available from 2025 for five years” - so it’s a response to the US Inflation Reduction Act, but not for another 14 months.
Putting this spin aside however, it matters a lot that Hunt’s announcement took place at ITM. By doing so, the Chancellor, his officials and SpAds, are in effect saying that electrolyser manufacturing, and the production and usage of green hydrogen, will be at the heart of the UK response to the US Inflation Reduction Act response and is a technology and industry to prioritise.
Fundementally, I don't believe that this dic government will do enough to save our company. I'm not convinced that the present crisis in the German government will do enough to save our company. It will be down to the CEO to save our company.
I've said before the Chinese are coming, western companies have to win market share before their products turn up, Australia is more likely to help us that Xi or Hunt.
Houston, good choice, massive subsidies in Texas for green industry and big users if feedstock in the area. Plus Texas has an isolated electricity grid which means they tend to have excess capacity to compensate.
It makes good sense for Poland, which borders a German area which focuses on the Chemical Industry to step in as a supplier of a key feedstock in that area. Bought a few more this morning
I'm a very strong pusher back on retail clients who insist on setting up stops on their accounts as, for shares with soft floors, they allow this sort of cascade to occur. If you want some sort of stop just use an alert and then make a sensible decision.
I think short reporting has a pretty slow period to it, something like 4 working days, do reduction takes a wee time to come through as lse.co.uk may add a slowing step in there as well
4.5 over 5 years, of which they are unlikely to get more than 1 year..... what a leaderless country
Oh yes, just for info, I believe 55p is an attractive price for this company and I've been checking down the side of the sofa to add to my holding. I last bought in at 41p and sold majority above £5. I'd like to do that sort of thing again. But hey, who knows.
I find that all chat rooms offer good stuff, like facts, which this site does brilliantly. And bad stuff like opinions, which are normally just hopes and dreams wrapped up in pretty words. These range from ..."£1 by Christmas" to "the MMs are manipulating the market". I find filtering those who write these second group turns this site into a fantastic source of information which pays back my own investment of time.
Thanks to all and keep up the good work guys and gals.
After the government let "vampire" or "zombie" projects fill up the project queues throughout the UK Grid system it was hardly surprising that no one bothered to bid. They have now finally (some 4 years after this problem came to light) allowed the Grid to clear out the queues so that it is worth companies bidding.
Paying more for food because you were constipated is kinda dumb.
Just to be clear
Roger Bone needs to go (an ambassador no less)
Denise Cochram needs to go (an insurance company boss, but owned by a charity)
Martin Green needs to move to Chair
ITM is in charge of its own destiny, blaming the magic MMs is just silly. ITM does not have sufficient orders to make a profit some 20 years after it started. Its PE is negative. It has been lead by a board into a series of cul-de-sacs strategically that stop it making a profit. The new CEO is turning it around but that takes time and is not helped by a government who seem to be lead by some of the stupidist people we have had in charge for a long time.
That the company is worth less than the cash in the bank is a disaster and is an opportunity for the CEO to clear out the useless board members starting with the Chair. Such actions would bring the Sp up.
Bought some more
"from all time lows" LOL
Share buy back, why not ITM
Big companies carry out share buy back when they have strong cash flow and have nothing better to invest in (often linked to a CEO bonus for share price rise). In our present situation, we have a healthy bank balance, we have b@gger all cash flow and we have plenty to invest in. Share buy back would make no sense.
A competitor with deep pockets might come along..... Luckily most of the similar clean energy companies don't have deep pockets. The Australian guys might see it as a possible opportunity but with the Linde share holding I doubt it
Crikey, the company has a sh@t Chair, no sales and no market, with 20 years of history and the most important think that we can think of is to move the listing.... Do you know how much energy would be used in moving the listing that should be turning the business around? Because I do. It would destroy the CEO for 6 months plus most of his key team. Right now we don't have a business, let us fix it.
Yesterday
Today, I had the pleasure of being hosted by J.P. Morgan on the occasion of their investor-targeted Global Energy Conference 2023 in London. Matt Lofting, CFA, Executive Director J.P. Morgan, moderated the session in which Matti Lehmus, CEO of Neste, and I discussed about the “Global Energy Outlook; Delivering Low Carbon Joules in an Inflationary Environment”.
The topics we touched upon were broad, ranging from where we both experience inflationary cost pressure along our value chain, how we mitigate the impact e.g. via an early commitment or at greater scale, how we evaluate the potential trade off between cost today and asset reliability tomorrow, how we see recent policy changes in different world regions, how changing legislative frameworks impact investment decisions, which role government funding plays for decarbonisation, all the way to the question how we evaluate projects in our sales pipeline from a probability and risk/reward profile point of view. We also discussed the potential conflict between aiming for the newest technology versus commercial-scale reliability, and how to manoeuvre the electrolyser landscape today.
Matti and I deemed it enriching to have the two of us speaking about the same opportunities and challenges, but from two very different industrial angles. This has certainly provided a more complete picture to the audience.
Thank you both for the lively session!
6 days ago
I usually enjoy working late - sipping another one of probably too many coffees, standing in front of the window of my office, taking a conscious step back from everyday busy-ness, planning ahead, developing strategies. And what a view! Seeing our units perform quietly during the late shift, when the sun sets in our test yard, can be surprisingly peaceful. Here, we do Factory Acceptance Testing (FAT) which includes operating our units in various modes and conditions. We make sure that our products perform well and - most importantly - safe.
That’s one of the things our customers value about ITM Power.
I suspect the reason for the City of London losing its preminant position as a financial centre might be something more to do with 1) loads of useless legislation to try and avoid/pretend controlling money laundering, 2) the departure of key money launderers back to Moscow/Dubai, 3) Brexit, 4) the introduction of windfall taxes within the UK. On the other hand short selling is allowed in just about every stock trading system I know.
ITM has deserved to lose share value. It developed poor processes in both Sales and Engineering while overreaching its staffing levels. The only good thing in the past 5 years was it managed to suck £250m out of institutions which is now holdings its share price at 63p not 3p.
For me the bet is either 1) Dennis gets some serious orders or 2) some company with some orders comes and buys the company, which as long as it is in the 100p range I would accept.
If was Dennis I would be focused 99% of the time on Sales and 1% on asking the Chair if he would like to retireme.