Tuesday, January 8, 2019

News: Green light for ITM Power switch

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ITM Power, the energy storage and clean fuel company, has received planning approval to enable it to bring its two Sheffield facilities together at a new multimillion pound factory in Rotherham.

Rothbiz revealed 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.

Plans to enable the change of use of the Rotherham Road premises for light industrial use have recently been granted.

The operation is proposed to run 24 hours a day with the building set to remain in situ with some minor external alterations, including the insertion of windows to serve new office space within the building.

The proposed development would employ 160 staff across a range of job types administration, manufacturing, cleaning, research and development and delivery.

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In an update to the stock exchange, ITM Power said that the new factory manufacturing process design had been completed and that tender processes were underway.

"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. ITM Power is targeting larger industrial scale projects.

For the six months to October 31, the company's pretax loss was £5.3m compared to £2.9m in the same period last year. This was higher than previously anticipated due to project costs and investment in people, resources and capacity.

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Roger Putnam, chairman of ITM Power, said: "The company has significantly strengthened its capability to deliver the larger industrial scale projects which we have won and for which we continue to tender. Chemical plant, refinery and MW scale Power-to-Gas studies and projects are now deliverable and being tendered for in increasing numbers.

"To support this focus, progress has also been made on the move to new premises, for which terms are expected to be signed in Q1 2019. It is anticipated that the first area of works once the lease is signed will be the installation of an upgraded power connection to facilitate the on-site testing of our ever-larger products.

"We expect to deliver an increased value of contracts in the current second half of this financial year. The value of the projects for which we are tendering has never been higher and we are almost entirely focused on those of larger scale as we bid to become the world leaders in industrial scale green electrolysis. The Board looks forward to a very busy second half."

ITM Power website

Images: CPP

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