Sheffield’s ITM Power announces entry into the lucrative US market

Hydrogen tech firm ITM Power has announced its entry into the US market.

The Sheffield company manufactures electrolysers, innovative technology that generates green hydrogen – the only net zero energy gas – by splitting water into hydrogen and oxygen. The firm said it has now started bidding into projects in the US, which it says has huge potential.

Bosses made a stock market announcement saying it is now able to supply the same stack, the heart of any ITM electrolyser, into both “CE and ASME” territories. It said: “This standardisation was an important precursor for us, so that we can use one production process and supply chain, simplifying operations and enabling economies of scale.

“ITM will pursue an accelerated, asset-light entry into the US market, building on our strong relationships with various North America based industry leaders, some of which we announced recently as collaborations to cement our technology leadership and future proof our supply chain as we scale.”

ITM Power said the US is widely recognised as having the potential to become one of the largest markets for electrolysers. In June the US National Clean Hydrogen Strategy and Roadmap was published, backed by the $370bn Inflation Reduction Act, identifying future demand scenarios, with strategic opportunities for the production of 10m metric tonnes of clean hydrogen annually by 2030, a figure which is set to double by 2040, and reach 50m metric tonnes by 2050.

The roadmap is complemented by the $9.5bn investment for clean hydrogen through the infrastructure law.

Dennis Schulz, CEO ITM, said: “The US has the potential to become one of the largest markets for green hydrogen. The region’s green hydrogen journey has just started, which provides ITM with a tremendous opportunity to become a leading electrolyser provider as the market develops over the coming years.”

In August the Sheffield-based manufacturer reported adjusted Ebitda losses of £94.2m in the year to the end of April, up from £39.8m in the previous 12 months. Revenues slipped to £5.2m from £5.6m, although that was still well beyond the company’s £2m guidance.

At the time, ITM said it had significantly pruned its product portfolio, reduced its workforce and fixed bottlenecks in its production as part of a year-long turnaround plan announced earlier this year.

Original artice – https://business-live.co.uk/all-about/yorkshire-humber

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