| Market cap (m) | £397.4 |
| Enterprise value (m) | £203.1 |
ITM Power PLC designs and manufactures integrated hydrogen energy systems for energy storage and clean fuel production. The company is also involved in the research and development of scientific and engineering projects; the development and manufacture of prototype products; and the sale of electrolyzer products such as HGas, HFuel, HPac. It offers a range of services including construction, consulting, and other services. Its primary geographic markets are the United Kingdom, the Rest of Europe, Germany, and with maximum revenue from the United Kingdom.
ITM Power confirmed receipt of a notice to proceed for a 20-megawatt project, following a final investment decision by an undisclosed customer. The notice authorises commencement of full project work, sets the official contract start date, and makes the contract firm, which will be added to the company’s contracted order backlog.
ITM Power expects to provide further project details near the end of the first quarter of this year. While the customer was unnamed, the company previously announced a supply agreement with MoreGen Energy AG for the 20-megawatt West Hales Hydrogen project in Milford Haven, which had been progressing toward a final investment decision.