ITM Power
#7812
Rank
$251.81M
Marketcap
United Kingdom
Country
Mr. Andrew Charles Allen (CFO, Company Sec. & Exec. Director)
Dr. Simon Bourne (CTO & Exec. Director)
Dr. Rachel Louise Smith (Exec. Director)
Summary
History
Early years
ITM Power was founded in June 2001 in Saffron Walden, Cambridgeshire and originally manufactured fuel cells before expanding into electrolysers. In 2004, the company floated on the AIM Market raising £10 million.
2010-2011
Its first sale was an electrolyser for the University of Birmingham, UK. In 2011, ITM Power GmbH, the company's German subsidiary, was incorporated.
2019
The company raised £52 million via a second equity fundraise in 2019. This included a strategic investment of £38 million from Linde plc and the establishment of the joint venture, ITM Linde Electrolysis , to provide green gas solutions at industrial scale. ILE was incorporated in January 2020.
ITM signed a collaboration agreement with Iwatani Corporation of America, a wholly-owned subsidiary of Japan's Iwatani Corporation, for the deployment of multi megawatt electrolyser-based hydrogen energy systems in North America.
2020
ITM enacted a third fundraise, raising £172 million in equity that included a £30 million investment from Snam S.p.A.
2021
In January the company sold a 24MW PEM electrolyser unit, the largest in the world, to Linde. The unit will be installed at the Leuna Chemical Complex in Germany. Production is due to start in the second half of 2022.
In March the company marked its first deployment in Japan with the sale of a 1.4MW electrolyser to Sumitomo Corporation.August marked the official opening of Bessemer Park in Sheffield. The facility has an electrolyser manufacturing capacity of 1GW per annum, making it the largest in the world to date.
In October the company raised £250 million to expand manufacturing capacity to 5GW per annum by 2024.
2022
Full-year results revealed that annual pre-tax losses almost doubled to £46.7m on the back of £5.6m of revenues. The firm admitted that it has scrapped its 5GW annual capacity target by 2025, now aiming for 1.5GW per annum by 2023. It also scrapped its previous decision to open a second UK factory in Sheffield. It also announced that CEO for 13 years, Graham Cooley, would leave once a successor was appointed.
Mission
Vision
Key Team
Mr. Dennis Schulz (CEO & Director)
Mr. Martin Clay (Operations Director)
James Collins (Head of Investor Relations)
Ms. Nicola Ham Edmonds (Company Sec. & Head of Legal)
Ms. Rebecca Markillie (Marketing Mang. & PA to CEO)
Ms. Sharon Poulter (Head of Marketing & Press)
Dr. John Newton (Managing Director of ITM Motive)
Recognition and Awards
References
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Mr. Andrew Charles Allen (CFO, Company Sec. & Exec. Director)
Dr. Simon Bourne (CTO & Exec. Director)
Dr. Rachel Louise Smith (Exec. Director)