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It is also worth noting that the E5.7 billion that Brussels gave Italy for its recovery plan runs out at the end of December 2025 so getting production running in 2026 chimes nicely.
So the question is, can they get it built in time.
From my research the cost of applying for any of this money has to be born by local communes (town councils) so while say Milan has the staff to fill the forms in, little places don't, luckily Modena is big enough.
Modena is interesting as the University there is the main University for the car industry with Ferrari drawing most of its staff from there.
SNAM have not just an equity holding but also some form of reserved capacity at ITM.
Good timing after COP28
Is a labour government, in any way, technically competent to make better decisions over Climate Change? The only good news is they have had Milliband junior as CC shadow for 2 years. So no real experience yet. His education, PPE Oxford, is hardly a STEM subject but he did get a first. Also an MA in Economics. So not completely stupid.
Does he have a plan?
Will he push the incumbant energy companies away from the energy levers of power in the UK?
No idea, but not a lot of hope, still Mrs Bilbo knows his wife, so can't be too rude.
Electrolyser problems have been ongoing for some time https://www.hydrogeninsight.com/electrolysers/exclusive-cummins-issues-electrolyser-recall-amid-technical-issues-for-a-small-number-of-green-hydrogen-projects/2-1-1501390 I think there was even an article back at the start of 23 when the Chinese government exhorted its national workers to solve it or else they would have to buy European machines.
Having run a plant in China this is pretty normal for the course of events, they make a lot of rubbish to start with but charge low prices to get a foot in the door. "never mind the quality, feel the price" but the volumes going through mean they learn fast and get better fast. ITM needs to start selling or they have lost their future.
Perky.
Two issues, one of knowing something and one of can I change it/ influence.
Knowing something requires hypothesis followed by statistical analysis. In this case ITM is losing money and lacks a sufficient order book to make a profit. Hence its sp is based on asset value only.
Can you influence sp? No, so don't worry about it. If you don't believe itm has a future, walk away.
Probably best not to worry too much about the Giga factory story. The limits on production like this will always be the stupid testing regime the company has designed into it. New cabling is planned in '24, I think, to bring it up to 1 giga if tested with a level demand. I've never seen level demand in my life, but that is what sales will impose on the market. Other than that it is just a marker which is the sort of thing sHell does all the time across the world, means nothing....a poor player, that struts and frets his hour upon the stage, and then is heard no more: it is a tale told by an idiot, full of sound and fury, signifying nothing.
HSE called for evidence closing at the end of October https://consultations.hse.gov.uk/hse/cfe-hydrogen-heating-future-regulation/
No conclusion yet provided.
The Mail thinks otherwise, what a useless paper.
The Mail was also famously supportive of Hitler.
"Today, the focus at COP28 UAE was on rapid decarbonisation and transition across the energy and industrial value chains.
Green hydrogen is a key solution for decarbonising especially hard-to-abate sectors. At ITM Power, we manufacture electrolysers that enable our customers to generate their own green hydrogen from renewable electricity. We do not favour any specific sector or application, but we support a diverse and efficient approach to decarbonisation. What do you think are the priority use cases for green hydrogen?
Our product range gives customers standardised solutions for industrial decarbonisation based on 23 years of research and innovation, find out more about our electrolysers here: https://lnkd.in/eSQyEnyn
"
Given that the market for non-green h2 already exists and continues to be allowed to exist I suspect focusing on destroying that would be far greater opportunity for green hydrogen than using green h2 as a store of energy especially as our numpties (sorry concerned citizens) don't understand the difference between the hydrogen bomb and a central heating system powered by hydrogen....and no one has the ballls to them.
And yet the coffers are not empty when it comes to fossil fuel subsidies or nuclear subsidies. The German situation is slightly different as the "Swabian housewife" continues to control their Economic ministry.
I'm confused by your statement there is no money in the coffers.
There are too few sales, is that what you mean?
As long as we have uk planning laws we will never get out of this mess, as long as our government is focused on immigration it can never be focused on energy, as long as we subcontract energy strategy to energy companies....
I so pray for competent ministers but frankly with base pay as an MP at £85k and minister of state at £31k more, who competent would take the job
It has capital
It has a fully tested range of designs
It has a fully tested production system and customer support system
So its value is a finger in the air job.
However, it may be the reason your children have a future on this planet
It all depends on sales now.
"beetlejuice"
Linkedin yesterday
Today, one of the topics discussed at the World Climate Action Summit at COP28 UAE was aimed at scaling climate action. At ITM Power, we are committed to enabling the global shift to clean energy by developing and manufacturing green hydrogen technology. We collaborate with customers and partners around the world and understand the challenges ahead, which drove us to develop market-leading products tailored to the needs of our customers.
We are not just a supplier of electrolysers, but a catalyst for change. We believe that by planning ahead and investing in hydrogen especially for hard-to-abate sectors, as well as in countries with abundant renewable energy resources, can minimise future dependence on fossil fuels and achieve decarbonisation goals faster and more effectively.
I hope that Dennis will come back from COP with an order for factory number 2 (outside the UK) and some orders to fill up number 1 until 2 is built. Now hope springs eternal...
Cash burn better moving from 83 in the full year to only 28 in the half year, so I'm guessing 20 in the coming half year
So the SP floor based on cash should be 41p (£254/616)
Ceres missed out on a new deal this financial year, hence their share price drop