Hydrogen power specialist ITM Power (LON:ITM) increased income by 47% and more than doubled the size of its order book in its latest half year.
Graham Cooley, chief executive, said the half-year had seen strong and consistent growth in both the refuelling and power-to-gas markets.
READ: ITM Power surges as funding comes through for electrolysis plant
Revenues in the six months to October rose to £1.74mln (£405,000) while total income jumped 47% to £4.4mlm including grants.
Contracted orders surged to £27mln (£17mln) with a further £10.4mln in final negotiation, which would take the backlog up to £37.4mln or up 103% year-on-year.
The potential order book is also now worth more than £200mln.
ITM is to supply the electrolyser (which converts hydrogen into electricity) for a 10Mw plant to be built by Shell to build at its Rhineland refinery in Germany.
This will be the world's largest PEM installed electrolyser to be installed yet.
ITM has also installed the world's first tidal-powered hydrogen generated at European Marine Energy Centre (EMEC) in Orkney, while the first hydrogen-powered bus route has now started operations in France.
Factory upgrade to meet demand
To meet the growing demand, ITM has agreed terms for larger factory premises while also expanding its manufacturing and after-sales support teams.
Cooley said 'significant advances' had been made in the past six months with the PEM electrolyser at Shell's Rhineland refinery a particularly important development as it sees ITM Power enter the 10MW product class with a commercial product at scale.
Losses from operations were £2.9mln (2016:£2.3mln).
In October, ITM raised £29.4mln through a placing and open offer and closed the period with a cash balance of £27.3mln.