ITM Power has launched a 20MW core electrolysis process module suitable for scaling up into large-scale electrolyser and green hydrogen projects. The Poseidon module has been engineered by ITM incorporating “real-world lessons learned from commercial projects”. It is a standardised module with an optimised footprint consisting of skid-mounted units which can be pre-fabricated and pre-tested. This reduces deployment timelines and construction costs, and de-risks projects, ITM said. The module is suitable for indoor and outdoor installation and can be efficiently integrated into the balance of plant. Poseidon is available now and ITM has started bidding the module into commercial projects.
Chief executive Dennis Schulz said: “Green hydrogen project sizes continue to scale, and ITM is responding with a new product release. “Poseidon is a game-changer for large-scale electrolyser deployments.” In its final results for the year ended 30 April 2023, ITM reported adjusted EBITDA loss of £94.2m (FY22 £39.8m) in line with the £85m to £95m guidance and revenue of £5.2m (FY22 £5.6m), ahead of guidance of £2m. The company has made progress against its 12-month priorities plan, including a “significantly simplified” product portfolio, concentrating on its core product suite. In its financial guidance for FY24, ITM expects revenue to increase to between £10m and £18m from commercial projects in execution, with adjusted EBITDA loss improving with growing output/sales and expected to be in the range of £45m to £55m. Schulz said: “I have been at ITM for just over half a year, joining the company at a time of challenging operational and financial performance, and it is encouraging to see the amount of progress we have been making against our 12-month plan laid out in January 2023. “The implementation, which is moving at pace, will strengthen our operational and commercial capabilities, and steer a successful path to becoming a highly efficient and reliable volume manufacturing company.”
Credits: renews.biz [Image: ITM Power]