Energy storage specialist ITM Power has revealed an increase of £5.66m ($7.1m) in signed contracts in the last 11 weeks in its latest operations update.
This new development brings the UK-based company’s total contracted pipeline to £24.36m ($10.6m), with £22.64m ($28.4m) of projects under contract and a further £1.72m ($2.2m) of contracts in the final stages of negotiation.
ITM Power attributes this financial boost to a response to customer tenders for its MW scale rapid response electrolyser products in energy storage, refuelling and chemical synthesis applications.
The bulk of the company’s enquiries continue to be for its 0.3MW to 6MW systems, often including ancilliary hydrogen (H2) energy systems and after sales support contracts. The company also revealed that it is increasingly receiving enquiries from multinational entities for significantly larger platforms and for a broader range of applications.
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