Monday, October 29, 2018

News: ITM power provides update on new premises

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Shareholders in ITM Power, the energy storage and clean fuel company, were given an update on a planned move to a new manufacturing facility in Rotherham ahead of its AGM today.

The LSE-listed firm is planning to bring its two Sheffield facilities together at new multimillion pound factory and Rothbiz reported first that bosses have identified the vacant former Wincanton depot, now known as "Rotherham 125" at Maltby.

ITM would use 133,000 sq ft of floorspace on the site for the production and testing of electrolysers - a converter of energy rather than an energy store. A negligible amount of hydrogen is produced during testing. The technology has been used to help create a hydrogen refuelling station network in the UK.

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An update to the stock exchange said: "The planned move to the new 11,610 sq.m [125,000 sq ft] floor space factory (with grounds of 30,000 sq.m [323,000 sq ft]) is progressing well. The Company has designed a new manufacturing process (including introducing new automated technical processes), designed a new factory layout (to optimise product flow-through), completed all of the detailed drawings of the factory, the technology centre and the offices and applied for planning consent. The consenting process has also included a traffic survey and full environmental impact survey. Terms are expected to be signed in Q1 2019.

"The new factory will be commissioned and run in parallel with the existing factory until the lease runs out at the existing Atlas Way site in 2021. The project manufacturing capacity ramp up across the old and new factories is more than adequate to support the Company's substantial projected sales growth in the ensuing three years. Product testing is currently a constraint at the old Atlas Way factory as we deliver larger products and so the power supply at the new factory will be commissioned early in the fit-out process."

"Project Cavendish" was launched to investors last year and £29.4m was raised with a share placing to address the two main barriers to growth - working capital and new premises.

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Dr Graham Cooley, CEO, ITM Power plc., said: "We are making good progress with the new factory, with the delivery of key multi megawatt reference projects and we have made a number of high-quality appointments to strengthen the team for further growth. Our business is performing well and we look forward to reporting more important new contracts in the near future."

The Group has £27.6m under contract and a further £6.7m in the final stages of negotiation, constituting a total pipeline of £34.3m, representing an increase of £3.7m since the full year results announced in August. ITM added that its non-contracted tender opportunity pipeline currently stands at £200m.

Current projects including a 10MW Refinery Project with Shell at the Wesseling refinery site in Germany and a £5.5m contract to supply the Birmingham hydrogen refuelling station (HRS) for a 3MW bus project.

ITM Power website

Images: ITM Power

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