By Leah Montebello
Losses widened for ITM Power despite worldwide calls to shift towards green energy solutions.
ITM said gross loss hit £23.5m in its full year results, ballooning from £6.5m in 2021.
Although revenue jumped to £5.6m, compared to £4.3m in 2021, the company said it was “disappointed” that it could not include the delayed 24 MW Leuna contract into its results.
Chief exec Graham Cooley remained upbeat about the company’s future and the opportunities emerging from the difficult macroeconomic backdrop, especially the war in Ukraine.
“Over the last nine months, as the prices of methane and fertiliser have increased, green hydrogen has achieved first parity and then become cheaper in many cases than producing these commodities from gas feedstocks.” he said.
He added: “I believe the next twelve months will see the benefits of our position becoming even clearer as governments urgently address their dependence on methane.”
Contracts backlog were up 79 per cent for the green hydrogen expert, which the company predicts will continue to grow.
ITM said because of supply chain issues the focus will be on completing projects already contracted.
The company said it expected product revenue in the range of £23-28m for the full year 2023.
Cooley announced that he would be stepping down as CEO after 13 years in post. He confirmed he would not be leaving until there is a replacement.
Sir Roger Bone, Chairman of ITM Power said in response: “Graham’s contribution to this Company’s growth, over many years, is immeasurable. We are pleased that he has agreed to remain with the Company in a strategic role so that we may continue to benefit from his knowledge, wisdom, experience and relationships.”
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