Member Info for Triguy

One way to understand the state of the business (Leadership's view) is to track hiring. Monitor the career page on the website and watch positions come on (off). Then watch LinkedIn to see announcements of hires and the count of # of employees.

By these measures...five (5) people joined ITM this past week. That is a bullish sign!

Dennis rightfully deserves much credit for ITM's progress. His vision and energy is relentless. However, his best trait may be in creating a team that works as one.

We would not be where we are without Simon, Amy, Tim, Pedram, Peter, Martin, Andy and their teams...too many to name. Without them we would not have the leading edge products delivered on per plan (time & money) using automation smartly as we go. We would not have the successes with RWE, Shell and Yara. We would not have the promise of Chronos, Alpha 50 and Hydropulse. The strength of ITM is the team!!!

As we wait for policymakers to do their jobs, let's celebrate the team for what they've done and hope that they 'stay the course'.

I continue to be as hopeful as the most optimistic on this board. However, hope is not a strategy.

The fact is that our contracted revenue (RWE, Refhyne 2, Morgen, ...a few others) is not growing very fast. And, our immense promise awaits policy. Germany's aspirations don't meet their actions. UK government is stuck!

I am not selling because the external reasons to be long (energy security, climate change, economics) remain. Eventually, policymakers will do the right thing. In the meantime, our team is doing everything in their control to meet the moment: relentless focus on execution, thoughtful product development, seizing all opportunities to influence the policymakers.

#hopeful

We've had a well deserved move up. But, now we wait for policy to catch up with promise. Hope is our strategy!

The signs are all positive. We are long and hopeful. But, the real gains will not occur until we have contracts that are backed by policy.

We're doing everything right: strategy, execution, VERY strong team & policy messaging (energy security, economics & environment resilience).

Sadly, we are held captive by policymakers who lack conviction. When will the UK strategy refresh & HAR 2 winners be announced? When will the RFNBO criteria be set for good? When will EU leadership (all countries) step up and align on being the "Fourth Sphere"?

We need stamina more than patience!

Is the 24MW Linde Leuna site operational? As of what date for revenue recognition purposes? Linde has not yet announced the operational status and there is nothing available on their website or via internet search.

Thanks Justin! Thanks Dennis!! Thanks entire ITM team!!! LuckyLaurie & others have properly assessed the environment and our place in it.

Very optimistic as leadership has charted a very nice course and the team executes flawlessly

...that would make a difference to UK taxpayers!

If the cost of paid curtailment > cost (electrolyzer + storage + distribution - H2 purchase price)...every stakeholder wins (taxpayers, H2 industry, H2 customers, UK government, planet earth)

Just do it!!!

Timing is important in life

The State of our Nation is uncertain; needs work...report released today

https://ukhea.co.uk/the-state-of-the-hydrogen-nation-report/

Give it a read...

On second thought, let the debate continue Lucky...

Shareholder value reflects the expected future free cash flows of a business. For a company to be optimally valued, investors need to feel confident in those cash flow streams. Confidence rises as transparency increases. Lack of transparency results in greater discounting...lower valuations.

Leadership has set expectations with a steady stream of announcements; technology wins, capacity reservations, FEED study participation, strategic partnerships and new business launches. We are merely asking for transparency into progress of these initiatives. That is not an entitlement, it is a reasonable expectation useful for optimizing shareholder valuation...one that literally requires 1 hour / month to maintain.

Competitive concerns are a red-herring. All data can be anonymized and should reflect only those initiatives that we, ourselves, have placed in public view (via Regulatory News).

Behavioral Finance 201

To repeat, we are optimistic about the industry and our company's position in it. We are very pleased with the strategy and our relentless focus on execution. We are also very pleased with the candor & consistency with which the company shares with all stakeholders...albeit with this one shortfall.

Unfortunately, we believe that our shares are undervalued and are left hoping that Leadership will take advantage of 'all' tools to optimize valuation; real execution + managed expecttations

Love the debate! Love the ITM team's relentless execution more!!!

Looking forward to the Interim Results

We are massive fans of the Leadership, our strategy, focused execution and our communication with stakeholders. That said we are at a pivotal moment where we need a little more information...

We need to hear how the myriad announcements about capacity reservations, technology wins, FEED participations & Chronos development are progressing toward contracts and ultimately financial results.

Leadership used to rail against our competitors and their announcements about pre-FID projects. Without, a bit more transparency about progress on the above we run the perception risk of doing the same...announcements that come to nothing. Perhaps this is one reason our share price has not progressed?

The transparency is easily accomplished via a simple dashboard showing our ever changing pipeline through our stage gates from prospect thru FEED, FID, Construction, Commissioning to Operations & Revenue recognition. This dashboard could be persistently maintained (monthly, quarterly) & presented on our website. It would be anonymized by merely representing MW by business line, product & geography. This along with our uniquely published pricing would enable all stakeholders (present & future) to estimate (forecast) revenue ranges.

Of course, we also what to hear about product performance in the field, status of high profile projects; RWE Lingen, Linde Leuna, Shell Refhyne, Guttroff, ... and manufacturing productivity / capacity...merely updates of all previous presentations. We love the simplicity, candor and integrity we all the updates under the current leadership.

We are doing a wonderful job differentiating ourselves from all other players in our industry. Let's take this one little step and further differentiate ourselves so that we optimize shareholder value...where the latter is based on both real (revenue, NI, free cash) and perceived value (expectations of future revenue, NI, free cash).

Great post! Hopefully policy makers discover the 'obvious benefits' of grid balancing using H2 for long duration storage...sooner rather than later

Looking forward to another update on 'progress' like previous updates; market demand, sales cycle progression thru FID, deployments, product (Chronos, Alpha 50, Poseidon, manufacturing and ultimately revenue recognition.

We have a nice story to tell about progress on all fronts!

I worry only about slowing policy support due to alternative government priorities (conflicts & economic constraints). That said, our execution enables us to win an increasing share of available projects.

#hopeful

The counter balance(s) of an early Linde move are the Bamford's, Hargreaves and myriad small investors that will demand a significant premium above their cost basis.

Linde's antipathy toward Green H2 is too public for them to make a cheeky move before EU policy changes and FIDs are announced. The latter will be immediately reflected in the share price providing a higher floor than today.

Promising...

https://www.hydrogeninsight.com/policy/eu-lines-up-100-hydrogen-pipeline-storage-and-electrolyser-projects-for-multi-billion-euro-pot-of-funding/2-1-1909344

Https://www.linkedin.com/feed/update/urn:li:activity:7394358830291320832/

Check out the video on LinkedIn posted by Shell's President - Hydrogen...gotta love progress!!!

There are a number of new(ish) job postings, many of which are in Linden, Germany. The roles suggest they are gearing up for deployments.

- Head of Construction & Commissioning

- Electrical & Control Engineer

- Mechanical Engineer

- Service Technician

- Plant Design (2)

- Process Engineering

- Procurement

- Project Controller

This is consistent with RNSs suggesting contracts in the near future. Cause for optimism!!!