A trading and operations update from ITM Power confirms the UK company now has approximately £18.67m ($26.1m) worth of projects in the pipeline.
The electrolysis and hydrogen (H2) fuel cell specialist company states it has £9.69m ($13.6m) of projects currently under contract with a further £8.98m ($12.6m) of contracts in the final stages of negotiation.
According to the company, the availability of several years of field data from its pressure swing membrane (PEM) electrolyser, combined with utility client references in Germany, has played a major role in securing new business opportunities.
Andy Allen, Chief Financial Officer of ITM Power, commented, “We are in a strong financial position now that we have secured the working capital required to realise the existing pipeline. Client confidence in ITM Power has increased as a result of the stronger balance sheet. We look forward to updating the market as further sales are achieved.”
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