Member Info for Digitalis

Spicy

You accused me specifically of spreading false rumours on Kintore you were not asking me if I agreed with others suggesting it. I pointed out I had already said I did not think it was the capacity reservation noting that does not mean they might not be in the running but nobody knows as it hasn't been announced as I clarified after your accusation.

I have not been calling for the SP to rise - I have said I believe it is oversold and undervalued. I have also been explicit this is a conviction investment for the future for me. I'm interested in helping support a company deliver Hydrogen from renewable sources as the right solution, circular water-to-water cycle with the benefits of fossil fuels without the downsides, dispatchable generation capability and reduced need for mass electrification which is at risk of catastrophic outages issues as we have just witnessed in Spain/Portugal/Heathrow. Don't presume to know what I want or my motivations are. I don't ascribe motivations to your actions, you are arrogant in the extreme to presume to know what I want.

Spicy, not sure what you are suggesting, I've never written anything offensive to your username or anything slanderous. I've disagreed with you and corrected inaccurate statements you have made, which seems to be your definition of a hypocrite as I don't think you will succeed in demonstrating any hypocrisy on my part under the standard definition.

Considering you only joined here 30th January 2025 I'm amazed you've read back to 4 years ago. I know I wasn't here then and I certainly haven't looked back to then so I have no idea as to the accuracy or otherwise of your charge.

An accounting loss in EBITDA doesn't disappear regardless of the cash generative position until the revenue can be recognised under accounting standards but I'm sure you knew that. To my mind you seem to be clutching at straws to support your ever position, only you know why.

I never said ITM was going to be selected for Kintore, where did you draw that conclusion? I very clearly said that I agreed with you that it didn't match the capacity reservation. I just said that doesn't mean they might not get it in which case it would be additional. Nobody knows who might be selected as it hasn't been announced, is that clear enough for you to withdraw your slanderous charge that I am creating false rumours, which I most definitely am not?

I am proud of earning the Helikon badge alongside AATH from some posters here when I have challenged their views but you seem not to have noticed that.

I don't think the majority of people who view this board expect the share price to shoot back up, nor would I want it to, I'm happy with sustained gradual gains. I've never suggested it would either.

You seem a little tense in your last few posts, hope all is ok and suggest if you aren't still in Bali, a short break might be beneficial.

All the best.

Hi Spicy, are you still in Bali if you are a few timezones ahead? How's the weather?

I already pointed out that Kintore couldn't be the capacity reservation but that doesn't mean ITM aren't in the running which would be additional.

Making puerile references to some other posters exuberance could be seen as aggressive and offensive, be mindful of where in the glasshouse you are when throwing stones.

Hanging on to the cashburn narrative when the gudiance on cash position has improved twice in the last year and ITM was cash generative over the last 6 months, is disingenuous as I'm sure you know. Others have already pointed out the difference between cash position and statutory accounting declarations, you should go and improve your knowledge if you don't understand the differences and reasons behind them on when revenue can be recognised from large contracts.

The market is at macro level in a state of flux, had some of the news recently announced been available 12 months prior, there may well have been a different reaction. However, I suspect you know that already. You do realise that investing is based on expected future prospects not past performance, don't you? Investors here recognise the potential and prospects and are acting accordingly. Short-term traders and others are acting in their interests. The SP hasn't plummeted back down either, it is managing for the time being to consolidate the reasonable gain from the position prior to the RNS, reference to 1, 2 or 4 years ago is meaningless as I'm also sure you know, if not go research logical fallacies.

You see cut-backs and delays, others see Germany, Egypt, Oman, Spain, Austria, Scandinavia, Japan moving forward. All depends what one chooses to focus on.

My message to Dennis is very good, keep up the good work (I'm sure he will not be interested one bit in my opinion, though, I'm quite sure it wasn't keeping him awake at night).

Kitesurfer could possibly benefit from adopting a more measured tone but your response is no better so I think you can come down off the moral high-ground you are trying to claim.

In the words of Ian Dury...reasons to be cheerful

I tried. I gave up

While it almost pains me to say it, I agree with Spicy that the 500MW reservation RNS implied it was calloffs for multiple projects not one. However, that is not to say that ITM might not be in the running for Kintore, there are reasons to think it might be, just that if successful it would be additional to the reservation not the source.

Three in bid for £80M Lower Thames Crossing hydrogen supply after re-run tender

23 Apr, 2025 By Ian Weinfass

National Highways has named three shortlisted bidders for supplying hydrogen to the Lower Thames Crossing (LTC) project.

LTC relaunched its procurement for a hydrogen supplier in July 2024, after an initial attempt started in June 2023 was scrapped – despite four firms being named on a shortlist later that year.

The client said it aims to make all its construction sites diesel free by using hydrogen and biofuels to power plant and equipment.

It plans to buy the largest ever volume of hydrogen on a UK transport project, it added.

The re-started process saw the value of the contract rise from £50M to £80M, and the amount of hydrogen expected to be required for the project fall from 6,200t to 5,900t.

The three shortlisted providers are:

Air Products

Ryze Power

GeoPura

https://www.newcivilengineer.com/latest/three-in-bid-for-80m-lower-thames-crossing-hydrogen-supply-after-re-run-tender-23-04-2025/

Ryze are linked to ITM through HyGen, so there's potential here, by no means certain.

Glad you are happy with that Vamosbien, hope you were able to off-set any loss on the "bed" against any capital gains elsewhere :)

Hi Tennents, thank you, I do understand the maths on that. That was not the point I was making - a sentiment has been expressed that everytime the shorts are increased it is because shorters are the font of all wisdom and know something mysterious every one else is ignorant of.

I clearly pointed out the falseness of that argument because Qube very clearly lost money on the short they increased 2nd April and probably did or barely broke even on the bit of the short from 21st Feb that they unwound.

I clearly went on to state that they can still realise profits on the rest of their short, I just didn't waste my time calculating it.

I could take a long or short position at a certain price and then average up or down as appropriate at any time and then unwind it at a time that realised an overall profit. It doesn't change the fact that I may have lost a lot of money on an earlier trade. Just changes the absolute value of the pot.

In other words, yes in absolute terms you are correct, but I am not wrong either.

Increased their short 21 Feb by 0.06 to 0.70 at a price range 32-34.5p if they increased a day or two before notifying at best they got 36p.

They messed about a bit but added 0.01 back to 0.70 2 April at 27.2-29.75p

They closed 0.02 at a range of 32.1-35p

So at best they lost 2.5p/share and up to 7.5p/share on the 2 April short and at best made 4p/share on the 21 Feb short and more likely broke even.

Don't listen to anyone saying they took some profits, they covered their backside, barely. If they close the rest of the short they should get some profit if they don't leave it too long.

I'd have thought it was day traders banking their 10%

Although I do note this article published today:

https://www.pemedianetwork.com/hydrogen-economist/articles/green-hydrogen/2025/trade-war-threatens-china-s-hydrogen-export-ambitions/?oly_enc_id=9574A3135145D0S

"Tariffs and other protectionist measures raise questions about China’s plans to export green fuels and electrolysers, despite its huge cost advantages

The outbreak of a full-scale trade war between the US and China may force Chinese hydrogen players to rethink any potential pivot away from their subdued domestic market to large-scale exports of e-fuels and electrolysers—particularly as target markets such as Europe will be on guard against a new flood of Chinese products."

Which has a different perspective on that risk. Although I couldn't read all of it as it is obscured by paywall I think.

@Spicy, hilarious. Did you even read the article or were you too excited just to post the click-bait headline?

The very next sub-headline

"However, the government re-affirms €4bn of support for 1GW of electrolyser projects powered by renewables and nuclear power"

And the text

"France has reduced its target for installed electrolyser capacity powered by renewables (green H2) or nuclear power (pink H2) by 2030 from 6.5GW to 4.5GW in a national strategy update published today (Wednesday).

Similarly, it has downgraded its expectation that more than 10GW will be installed by 2035 to 8GW of capacity by that year.

The government notes in the new strategy document that the low-carbon H2 market has taken longer to develop than expected when it had originally set out its targets in 2020."

So they have "slashed" by 20% to still leave sizable targets and confirmed funding.

Be pessimistic by all means but be honest in what you say. Proceed with caution is sound advice for all investing.

For India, delaying due to offtakers concerns about auction terms that are not detailed, is not the same as India delaying full-stop. What about the $258Million awarded in March 2025?

"The Indian Government has awarded three-year subsidy payments to nine companies for green hydrogen production projects, with AM Green Ammonia and Waaree Clean Energy Solutions emerging as the biggest recipients.

India allocated ₹22.39bn crores ($258.84m) to support 450,000 tonnes per year of green hydrogen production – the maximum allowable under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Programme."

https://www.h2-view.com/story/indias-second-green-hydrogen-auction-awards-258m-to-nine-companies/2123238.article/

Balance, Spicy, Balance.

Thanks for the heads-up @Vamosbien, LinkedIn algorithm continues to block me from seeing these unless I know they exist and go looking for them. Go figure.

I also enjoyed HySpeed's unequivocal reply to the Africa ammonia cracker question, that it is only for UK based Hydrogen production. Good

Indeed. I'd never refer to my accountant on a business decision. I employ him solely to deal with HMRC because they are a bureaucratic PITA. I'm constantly having to correct him when he has messed something up. The last thing I'd do is delegate decision making to him.

Totally agree Bilbo. Asian businesses are renowned for long-term strategies - 100 year plans etc. We shouldn't be developing an Industrial Strategy, we should already have had one and a long-term one at that.

Cureboy, don't think anyone said that. Doesn't mean it won't happen but never said that. Trying to remove the blinkers from the eyes of the UK Treasury and other Civil Servants is not a bad thing though. Although chances of them reading this site are slim and paying any attention to it, likely nil.

Agreed. Which brings us full circle to Bilbo's point, that we are going to be left behind. Since if we used off-shore or near-shore H2 production coupled with Wind Turbines that either are or can be build quickly. We can pump H2, synthetic methane into the existing North Sea pipes or the North Scotland ones and into the Gas Grid and we don't need to upgrade the moribund transmission system that has suffered chronic under-investment if we then drop the electrify everything obsession. Which I've said before.

I'll keep to ITM rather than party politics. I can level criticisms at Heath, Wilson, Callaghan, Thatcher, Major, Blair, Brown, Cameron, May, Johnson, Truss, Sunak, Starmer in equal measure.

If we suggest H2 is unrealistic for migrating EII away from FF and in this case replacing FF as the source of reducing gas for iron ore, nothing will ever get done. The decision to use it is required before the will to make it happen reveals the reality. In that case we need to develop an opencast mine in Cumbria and stop importing Coal from US/Australia/China and develop more North Sea oil/gas fields. In that case we should all sell up and invest in Shell.

If there is a will, then a way will be found. If there is no will, no way will ever be found. And that is my issue with the Civil Servants.

I don't appear to be. I am. Port Talbot was a disgrace, acquiescing to Tata's demands to build arc furnaces instead of re-purposing the blast furnaces to H2. Do you think otherwise?

In a democracy, I can criticise the civil servants when I believe they are wrong.