ITM winning more contracts

Firm’s backlog stood at 755MW at year-end, with recent agreements including a key deal to construct a 24MW electrolyser for Yara in Norway

Electrolyser manufacturer ITM Power has seen a 74pc increase in work in progress from 43MW in April last year to 75MW in April this year, according to a trading update from the firm. The update covers work in progress and the contracts backlog as well as unaudited financial results expected for the financial year ending 30 April 2022.  The firm’s contracts backlog—an indicator of the number of future contracts—stood at 755MW at year-end, up from 290MW at the same point last year. Of the 755MW of backlog, 75MW is contracted but not underway and 342MW is under negotiation, while for 338MW ITM is the preferred supplier. “Russia’s invasion of Ukraine has accelerated the intent of many coun