UK electrolyser manufacturer ITM Power has recorded a narrowing in losses in the six months ending 31 October 2021, compared with the same period in 2020.
The company reported a gross loss of £2.6m in the six months ending 31 October 2021, compared to £2.8m in the same period in 2020.
Revenue rose to £4.2m in the period, compared to £200,000 in the six months ending 31 October 2020, reflecting impact of covid-19 issues.
ITM issued a full year guidance of 33-50MW of products.
Graham Cooley, CEO, said: “We are making very solid progress, with a number of projects won which have resulted in a significant increase in our work in progress.
“The company is focussed on delivery of products and converting the tender pipeline into contracted projects.”
As of January 2022, work in progress (contracted backlog) is 86MW compared with 21MW in January 2021.
The company also reported a 209% surge in contracted backlog (contracts in the final stages of negotiation and preferred supplier backlog) amounting to 499MW as of January 2022, compared with 163MW in January 2021.
Tender pipeline stands at 880MW as of January 2022, compared with 331MW in January 2021.