ITM Power has reconfigured its electrolyser gigafactory as part of a decision to “amend ambitions” for the timing of its target to have 5GW of production capacity.
In the near-term, extending the total capacity at the gigafactory in Bessemer Park, in Sheffield, up to 1.5GW is a “better use of capital with commensurately improved near-medium term cash flows”, ITM said.
Available annual capacity at Bessemer Park will be ramped up to around 700MW over the next six months.
The factory has been reconfigured so that the final part of the expansion, to 1.5GW, is planned to be achieved within the next two financial years but could be accelerated to within eight months from the time an expansion decision is taken, ITM said.
ITM stated: “We are amending our ambitions for the timing of our target to have 5GW of production capacity.
“We have also reviewed our plans to open a second UK factory at Aviation Park, given the current business climate and cost escalation.”
The company communicated its plan on the publication of its financial year 2022 results, where it recorded an adjusted EBITDA loss of £39.8m, compared with an adjusted EBITDA loss of £21.4m in 2021.
Revenue was £5.6m for 2022 compared with £4.3m for the previous financial year, reflecting delayed delivery to the current year of the 24MW Leuna contract, ITM said.
ITM stated: “We were disappointed that the revenue from the Leuna project was not recognised in the year, being delayed into the next financial year.
“However, the lessons learned from building this latest generation of electrolysis equipment will ensure that our future competencies and capabilities are enhanced.”
The company also appointed Tim Calver to the new position of Commercial Director, who joins from EY Consulting.