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ITM Power new business wins jump amid stronger demand for sustainable energy

By BFN News | 10:00 AM | Thursday 10 June, 2021


Energy storage and clean fuel company ITM Power reported a rise in new business wins that bolstered its pipeline amid increasing demand for sustainable energy. For the year to 30 April 2021, contracts backlog jumped to £154.0 million constituting 290MW of electrolysers up 194% year-on-year. 'Traction in the electrolyser industry has been even more rapid than we were anticipating,' the company said. Earnings before interest, taxes, depreciation, and amortisation, or EBITDA, and EBIT losses for the year are expected to be broadly in line with management expectations, the company said. Looking ahead, the company currently expected to produce (and recognise revenue for) 50MW of electrolysers in the financial year ending 30 April 2022. 'The company now has significant manufacturing and operational capacity, and a blueprint to substantially increase that capacity, to address market demand for its developing suite of products as the market continues to move at pace towards large scale projects,' it added. Story provided by StockMarketWire.com

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