ITM Power Plc - Company Profile
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Business Description
ITM Power Plc (ITM Power) develops and manufactures hydrogen energy systems for energy storage and clean fuel production. It sells electrolysis equipment and hydrogen storage solutions as well as developing and producing prototypes. The company’s products generate green hydrogen based on proton exchange membrane (PEM) technology. The company classifies its business operations into three product categories: Power, Transport and Industrial. In FY2023, the company’s capital expenditure stood at GBP15.1 million which grew 36% YoY.
R&D Overview
The company’s R&D activities focus on developing new manufacturing processes that will reduce costs and produce more products at a lower cost. Additionally, it focuses on improving cell efficiency, stack life, and reducing degradation. The company’s main focus was towards the development of new manufacturing processes for cost-cutting and mass production. It also emphasizes on improving scale-up abilities and product life cycle. During FY2023, the company held 74 patents. In FY2023, the company spent GBP1.7 million on its R&D activities, which as a percentage of its sales stood at 32.5%.
Product Categories
Overview
Conducts decarbonizing the production of polluting chemicals and fuels, such as ammonia and synthetic methane.
Performance
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Performance
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Overview
Utilizes excess renewable energy to produce hydrogen gas using quick response electrolysis, which is then injected into its gas distribution network.
Performance
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Overview
Produces hydrogen fuel through excess renewable energy and water.
Performance
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Geographical Segments
Performance
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Performance
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Performance
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Performance
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Performance
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