ITM Power has signed two contracts for electrolysers, totalling 200MW, which will be installed in green hydrogen plants in Germany that will be supplied by North Sea offshore wind.
The contracts, both with Linde Engineering, are each for 100MW of PEM electrolysers.
The machines will be installed at two plants operated by RWE in Lingen, Germany.
Both deals mark first deployment of the new Linde Engineering-ITM Power 10MW standard module skids for large-scale installations, using 30 bar electrolyser stacks.
In December 2021, Linde Engineering and ITM Power were preselected by RWE as technical provider for the first two 100MW installations of the GET H2 Nukleus project in Lingen.
Dennis Schulz, ITM Power CEO, said: “We are proud and humbled to have been selected as the electrolyser supplier for this important milestone project.
“Strategically, it enables us to scale towards volume manufacturing with certainty and determination.”
In its interim results for the six months to 31 October 2022 and strategic update, ITM Power reported a loss (adjusted EBITDA) of £54.1m, compared with £12.9m in the first half of 2022.
In its financial guidance for financial year 2023, ITM Power confirmed full-year revenue is now expected to be £2m with further revenue deferred into the next financial year.
Adjusted EBITDA loss is expected to be in the range of £85m to £95m.
Sir Roger Bone, Chairman, said: “We raised capital to pursue an expansion strategy and in doing so underestimated the competencies and capabilities required to scale up and to transition from an R&D company to a volume manufacturer.
“As a consequence, we set unrealistic targets for project completion. This has produced an unacceptable financial performance.
“We have acted swiftly by appointing Dennis as our new CEO. During his two months at ITM, he has developed a 12-month plan which lays out the underlying challenges of the business as well as the solutions which we will put into place. I have no doubt that the immediate actions being taken will provide strong foundations for the future which will enable ITM to move into its next phase of development and to play a leading role in the journey to net zero.”
Schulz added: “As a former customer of ITM, I had a good understanding of the company’s situation before I took on the challenge of leading its transformation.
“Having worked in close partnership with ITM, and selectively with competitors, I am convinced that ITM’s technology can outperform the competition.
“However, product focus must be narrowed significantly. Our balance sheet is robust, but we need a much more rigorous approach to managing cost.”
Rachel Smith will step down from the ITM board on 1 February.