Energy-storage firm said strength of sales team and cost reduction of tech responsible for boost
Companies: ITM Power PLC
Shares in Sheffield-based energy storage firm ITM Power rose 7% on Monday after the company announced that it had added £5.6m worth of contracts in just three months since its working capital fundraise in January.
In a trading and operations update, the AIM-listed firm said that since its interims in January it had added £5.66m in new contracts to its existing £18.35m pipeline, resulting in £22.64m of projects under contract and £1.72m of contracts in the final stages of negotiation.
The Company added that the pipeline boost had primarily come from customer tenders for its MW scale rapid response electrolyser products in energy storage, refuelling, and chemical synthesis applications:
"The bulk of enquiries continue to be for 0.3MW to 6MW, often including ancillary hydrogen energy systems and after sales support contracts. In addition, the Company is increasingly receiving enquiries from multinational entities for significantly larger platforms and for a broader range of applications."
CEO Graham Cooley said the increase in contracted projects during the last few months was a testimony to the performance and cost reduction of the company's technology and sales team.
