Member Info for vamosbien

Dennis:

Our sales pipeline and contract backlog have never been healthier, and we now have a product portfolio tailored to our customers' needs. This has been evidenced in us winning theShell REFHYNE II 100MW project, two contracts for a total of four NEPTUNE V units, and a 50MW and a 10MW FEED contract; all profitable orders. Operationally, we are in the best condition the company has ever been in. Tangible evidence of this is our continuously improved factory acceptance test (FAT) first-time-pass rate for stacks, which now stands at 98%, up from below 50% just two years ago. We commissioned important reference plants for our customers, some of which were publicly inaugurated, such as the 24MW green hydrogen to green ammonia plant operated by Yara in Norway and the 4MW pilot plant at Lingen for RWE. All this is conducive to customer confidence, and, over time, these factors support converting our growth into profitability and cash generation. Today, I am even more optimistic about our future than when I joined the company two years ago."

Cash between £185m and £195m, substantially improved against original FY guidance of £160-175m and previously improved guidance of £170-180m

Fantastic update!

Revenue of £15.5m (H124: £8.9m)

· Adjusted EBITDA loss of £16.8m (H124: £18.1m)*

· Cash at the end of H125 of £203.1m (H124: £253.7m)**

· Record contract backlog to date of £135.3m, up from £43.7m two years ago

ITM Power announcement:

We are delighted to announce that TRIDENT, our industry-leading PEM electrolyser stack platform, has been successfully registered in Australia.

Australia was the last key territory to unlock. We are now able to deliver our stack, the heart of all our products, unchanged into every relevant part of the world.

Again bullish remarks from him yesterday on LinkedIn; he replies to congrats messages;

"a welcome trend and great momentum! "

I am hoping there will be a severe burn for them on Thursday.

I have already registered for the update;

https://presentations.investormeetcompany.com/investor-meet-company/ITM-POWER-PLC-Interim-Results-for-the-six-months-ended-31-October-2024

They have increased actually to 0.60 on Wednesday but somehow LSE does not show yet.

Once designed, multiply this 10MW across the UK!

Also specific mention to HAR2, expectations are growing on that.

ITM is pleased to announce that we have been contracted by a European energy company to jointly develop a standard design configuration for a 10MW green hydrogen production plant. Our customer intends to deploy this plant design in several projects across the UK.

The design will combine two NEPTUNE V plug-and-play 5MW containerised electrolyser systems. NEPTUNE V utilises ITM's leading and proven TRIDENT stack technology.

The UK has ambitious targets for producing green hydrogen, with the aim of 6GW installed capacity by 2030, aided by the Hydrogen Allocation Rounds (HAR). HAR2, for example, aims to support up to 875MW of capacity.

Dennis Schulz, ITM CEO, said: "This agreement with yet another large-scale European energy company further cements NEPTUNE V as the clear leader in its class. The 10MW configuration will allow our customer to deploy projects rapidly across the UK."

I agree. You can read all the risks in this article. They expect much of the growth is likely to happen from 2028 onwards when many committed and advanced projects are likely to come online.

Being a LTH requires patience. Saying that, for ITM, I am hopeful for 2026.

https://think.ing.com/articles/hydrogen-outlook-beyond-the-hype-it-is-all-about-execution//

ITM is attending Hydrogen Summit & Expo in Tampere which I assume it is related to our Power-to-Gas (P2G) design.

Ren-Gas is the leading green hydrogen and e-methane project developer in Finland, which has secured significant public support for its portfolio from Finnish Government as well as from EU.

Ren-Gas’s facility in Tampere is set to produce renewable e-methane for heavy road and maritime transport sectors. In the e-methane production MAN’s methanation reactor will use, approximately 40,000 tons of carbon dioxide captured annually from the Tarastenjärvi waste incineration plant’s flue gases, along with green hydrogen produced with electrolysers.

https://ren-gas.com/en/news/ren-gas-selects-man-energy-solutions-methanation-technology-for-its-tampere-e-methane-plant/

https://itm-power.com/markets/power-to-gas-energy-storage

Dennis' reply:

"This industry is (unfortunately) still too much about announcements without substance. Important to keep it real - this is how we have distinguished ourselves since I joined."

Getting excited about the update next week. Dennis is confident as ever on his LinkedIn posts.

Filtering trolls are simply not enough when people reply them constantly.

Don't worry, we will find a new Ricky for you later on, but please give us a rest!

Notice of Interim Results and Presentation

ITM can confirm that Interim Results for the six months ended 31 October 2024 will be announced on Thursday, 30 January 2025.

Dennis Schulz, CEO, Amy Grey, CFO, Simon Bourne, CTO, and Andy Allen will present to analysts and investors on that date at 9:00am.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard until 9:00am on 29 January 2025 or at any time during the live presentation.

Today, Beyond2050 consultants are delivering an online briefing session on the UK hydrogen policy outlook for 2025. Teams call started at 10 am, if anyone registered I would like to know what is happening please.

They'll be summarising the key takeaways from last month's Hydrogen Update to Market, looking ahead to the expected consultations and market engagement, as well as the policy and funding commitments due soon - such as the HAR2 shortlist. The team will also put UK hydrogen policy into the broader domestic and international political environment, and examine how may influence the Government action across the year.

I seriously think some people are enjoying this interaction. Rather than filtering him, they reply to every post, entertain the troll and give the all attention whilst calling him attention seeker.

We had a good board here, focusing on the good developments and news, and I hope we can bring it back.

Dennis reacting the analysis from Hydrogen Insight: 'Unpredictable Trump's second term could see US green hydrogen projects frozen indefinitely'.

"Starting a sentence with “unpredictable” followed by a prediction is… bold. Beyond “could” predictions, the reality so far is that post Trump‘s election (and especially after the 45V release), project enquiries for the US have gone up substantially. Speaking from an ITM point of view, they increased fivefold in just a few weeks. Now will this lead to increased near-term FIDs in the US? Who knows. Baseless predictions in either direction are pointless though".

Enquiries for ITM have gone up fivefold in just few weeks! Music to my ears!

New government, same address - back to the Prime Minister‘s office. Our Chairman Sir Roger Bone and I had a constructive discussion in 10 Downing Street on the economic opportunities green hydrogen and the domestic manufacturing of electrolysers pose for the UK.

In what is turning into a massive, multi-billion industry, ITM Power has a strategic opportunity to grow substantially over the coming years. We shared the view that government must support and prioritise domestic supply chains for electrolysers and associated jobs, especially when taxpayer money is involved. Ed Miliband, Secretary of State for Energy and Climate, said - “Let's spell out what this future means: jobs building carbon capture and storage, jobs manufacturing electrolysers for hydrogen” - we are here to make that happen.

In today’s times this is not only an economic question, but increasingly also one of energy and critical supply chain independence.

NEL CEO, Håkon Volldal said “This is an unfortunate situation, and I’m sorry that we now have to let go of many qualified people.”

Same week, ITM had many new starters at higher level positions. As Dennis said, some contenders will drop out of the race and some will slow down. I believe ITM Power will be not one of them.