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I am glad ITM is still very much interested in US and Canada market and attending WHNA this year.

ITM Power will be a Silver Sponsor for 4th annual World Hydrogen North America Congress, returning this year to Houston from March 31 – April 2.

Dennis will be in Houston as well, attending CERAWeek;

"I’ll be joining CERAWeek 2025 in Houston, Texas, from March 10-14. Dear existing and new potential customers and partners, let’s (re-)connect and make green hydrogen happen in America".

There is an article today in The Times about Bamford aka Mr. Hydrogen.

Britain, Bamford said, could make itself a world leader in hydrogen technology, like China did in battery manufacture. But this could only be done through joined-up thinking between business and state, he said. “That’s the model in China; it’s a very good model to follow. I admire China. I admire what they’ve done. I’m passionate about energy transition and I think that there is such a wonderful opportunity there.”

His frustration is that parties across the political divide are failing to see the potential of hydrogen as a renewable energy source — not as the answer, but as part of the answer, to UK energy security. “Energy is one of the largest markets in the world and, what — we are not going to have a play in it? Well, we won’t have a play in it if we don’t start having some joined-up thinking,” he said.

There is a discussion in the background that Hydrogen has to work simply for the oil industry to survive since they can use their existing business model. Instead of FF they will supply hydrogen. And they are claiming that governments would favour hydrogen because they can just add another tax to the pump, like they do now with petrol.

Another topic is the employment opportunity. More than half million jobs in Germany alone are at risk due to the switch from internal combustion engine vehicles to EV cars, mainly because they have fewer moving parts. Then here hydrogen comes to the picture. Hydrogen combustion engines run on similar principles as diesel engines with the specialized fuel injectors and ignition systems. Let's think again why Germany chosen hydrogen mainly for the green energy transition.

Sometimes things are moving on with faster speed than we think.

https://www.h2-view.com/story/toyota-unveils-new-hydrogen-fuel-cell-with-20-more-range/2121590.article

Today is payday, means another top up for me @34.30p.

With the revenues of FEED contract for 50MW and 100MW REFHYNE II only, selling three NEPTUNE V per month, should be enough to make a profit and we are on that path now.

ITM already declared its price, just use GBP 4,150,000 (five million euro) for each NEPTUNE V in your estimate.

Well, that's pretty obvious, isn't it? whenever there is good or bad news they will appear and will try to make it worse than it is.

Same here Seaangler, unfortunately my broker does not do the bed and ISA same day, I am now thinking should I risk that 2 days period or not?

Soon we will see interest from funds and instutions, they will not be able to pressure SP more.

The only latest considerable increase I can see is from Janus Henderson Investors which is managing Law Debenture Corporation Ord fund. One million shares. By end of this year, I would expect more and more funds will be buying ITM.

ITM Power is pleased to announce that we have signed a contract to supply four NEPTUNE V units, totalling 20MW, to La Française de l'Energie SA (FDE), an independent multi-energy producer.

NEPTUNE V is our full-scope 5MW containerised green hydrogen plant, which utilises ITM's leading and proven TRIDENT stack technology. It provides reliable, flexible, and highly efficient hydrogen production capacity and the industry's smallest footprint per MW.

The NEPTUNE V units will be deployed into the first phase of Norway's Hydrogen Hub Agder project, 100% owned by Greenstat, a subsidiary of FDE, developing green energy production projects in Norway. The 20MW green hydrogen hub facility will be dedicated to supplying the maritime industry, and production is expected to start in late 2026. The second phase is expected to be an additional 40MW, which is planned to be launched in 2027.

Dennis Schulz, CEO of ITM, said: "The Nordic countries present an exciting opportunity for green hydrogen, and it is a privilege that FDE has selected us for the Agder Hydrogen Hub in Norway."

Antoine Forcinal, CEO of FDE, said: "We are delighted to work with ITM as a partner for the supply of an integrated electrolyser solution for our Agder Hydrogen Hub project, one of the largest green hydrogen projects in Norway."

Digitalis. In my trading days (about 25 years ago) I would pick a share that swinging between a certain range. Sell from the top and buy from the lows. ITM is doing this since 14th of November, up and down between 33 and 40p. Ideal for trade.

And I believe they are doing the same, we see selling pressure on the news, buying from 34-35 p again.

Not sure how I would acknowledge more tennets, apologies not writing your username if that's what you meant. I have an university degree but not a good one I guess.

Appreciate your input.

You might recall this of course, Bilbo also touched on this subject last week here, timescales from manufacturing to the revenue for Neptunes.

Before the details, one key point. This does not affect cash flow. RWE or whoever will make staged payments to ITM at agreed contract milestones. ITM accounting transactions will increase their balance sheet cash position and decrease the WIP/stock value as material is shipped to Germany. What they cannot do is declare, ‘Well, we have shipped 50% of the goods, so we can declare 50% of the theoretical profit’. Hence, there will be no profit and loss changes until the customer signs off the contract. At this time, ITM recognises both the revenue and the profit.

I am sure that professional analysts understand this, but we civilians, less so. That is why Dennis takes pains to mention it at almost every presentation. He also alluded to it in the recent set of photographs of a full factory floor when he said, ‘Everything you see here is being manufactured for a customer order; none of it is being built for stock’.

For ITM, this means there will be a very ‘lumpy’ sales revenue period while we build large-scale contracts. That will smooth out a bit as we hopefully will have multiple large contracts. The 'fast' Neptunes will smooth things as we ship more of them.

One final point - it means that a critical metric in looking at ITM is the £ value of the confirmed orderbook, rather than the estimated sales for the next 12 months.

I know it may sound strange but I was going to thank them to allow me to buy ITM Power shares at these levels. Whilst we have a £135m confirmed order book, seeing the confidence of Dennis, I am not worried about the future anymore.

Talking about this order book, I am going to share a post from the other forum. I am hoping dear fellow user don't mind it.

It is a bit long, so there will be two parts. Here it is;

There was much discussion yesterday about ‘why such low sales when we have a £135m confirmed order book’.

Some thoughts on the matter:

Dennis told us the reasons during the presentation on two or three occasions. They are concerned with the accounting rules on large contract revenue recognition. You may recall Dennis mentioning it twice when referring to the past and current finance directors.

He also mentioned that more sales of Neptune units would increase the revenue expectations for next year. The reason is that Neptunes can be manufactured quickly, and he suggested that they be manufactured for as little as 12 weeks. In contrast, the big contracts, e.g. 200MW, can take 2-3 years from start to completion and customer acceptance.

A simple example. A Neptune order in January could be on the customer's site in April, tested in June, and finally accepted in July. At that point, ITM will submit the final stage payment invoice, and the whole contract revenue and profit can be recognised in the accounts. The accounting technical ‘rule’ is that the asset has been fully transferred to the new owner, and ITM has no further accounting liabilities. (This is not about warranty; that is a separate issue).

This is fine for rapid manufactured and delivered goods, however long term, multi-year contracts are a whole different ballgame. Why? First, a little history.

Previously, companies could invoice and declare part of contract profits pretty much as they liked. This allowed a firm to declare good earnings in year 1, inflating their published results, and by year three, with over-runs, etc, they would then publish a catastrophic loss. Hence, shareholders were being misled. To prevent such practices, accounting rules were changed on long-term contracts and continue to be updated as recently as 2024.

Thanks Digitalis. Reading this again, 64 projects using electrolysis are quite exciting.

Well said Digitalis.

I am now much more confident about the future of ITM than last summer when the SP was moving around 50-60p.

Look at the Hydrogen Infrastructure Map - https://www.h2inframap.eu/

It was acknowledged that accelerated efforts are needed to deploy hydrogen infrastructure for producing, storing, importing and transporting 20 million tonnes of hydrogen by 2030 – a significant contribution to decarbonising our economy while guaranteeing security of supply.

News from yesterday, celebrated by ITM Power in LinkedIn.

The European Commission will allocate €1.25 billion to 41 cross-border energy infrastructure projects. Hydrogen infrastructure will benefit from grants for 21 development studies amounting to over €250 million. "The grants are intended for projects in Austria, Belgium, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Italy, Lithuania, Latvia, Poland, Portugal, Spain, and Sweden: notably the BarMar-H2med project between Spain and France, the backbone projects in Italy, Portugal and Spain, and the hydrogen corridors and routes in the Baltic region."

Dan Jørgensen, Commissioner for Energy and Housing: "The Commission has proposed to allocate €1.25 billion in grants, the highest ever awarded under the Connecting Europe Facility for energy infrastructure projects making a key contribution to build our Energy Union. It is also the first time that hydrogen and offshore electricity grid projects are selected."

More info here;

https://ec.europa.eu/commission/presscorner/detail/en/ip_25_377

I am an EV owner and having solar panels & battery at home, I don't think I will go back to petrol again.

I know people have range anxiety but with good planning I have not experienced any problem yet. It's been a year now. I had a couple of 400 miles return trip, used night chargers to keep the cost low. And after I discover CoCharger, now I charge in people's driveways as well with much lower than public chargers, it is a great idea.

Range of cars and number of chargers will keep increase. Already feeling this whenever I go to north.