ITM Power PLC (LON:ITM) is seeing significant commercial traction for its energy storage and clean fuel technology with a pipeline totalling £35.5mln, £17.8mln of which is under contract.
The update was provided as ITM delivered results for the 12 months to April 30.
They charted a busy and transformational period for the business, which included the launch of the first London Hyfive refuelling station at the National Physical Laboratory, Teddington, London.
It also opened its first hydrogen refuelling station with Shell in the UK and was granted planning permission for a further three.
READ: ITM Power welcomes launch of UK government's Hydrogen for Transport Programme
ITM secured power-to-gas deals worth more than £3.1mln, including the sale of a 0.5MW electrolyser to the National Grid as part of the HyDeploy project.
Commercial momentum continues
READ: ITM Power's pipeline fills up some more
Since the year-end a further £4.1mln-worth of products under contract have been secured and £12.3mln of business is in the final stages of negotiations.
Financially, the company performed strongly with total revenue and grant funding up 13% at £9.2mln in the year. As is common with businesses at ITM’s formative stage of commercial development, the company was loss-making. The pre-tax loss narrowed to £3.6mln. More importantly, the company is sitting on cash of £3mln.
"This is a very exciting time for the energy industry, and ITM Power is at the forefront of a market which will revolutionise air quality and energy storage for future generations,” said chief executive Graham Cooley.
“As evidenced by the significant growth in our pipeline, momentum in the hydrogen sector is continuing to gather pace.
“Our market is growing rapidly and with larger systems, compliant to operate all over the world, ITM Power is in a great position to be a market leader," he added.