An energy storage firm has reported a strong pipeline of projects worth £12.9m and is optimistic of its pretax profit levels this year.
Sheffield-based ITM Power also has £2.8m worth of contracts in the negotiation stage.
The figures were revealed when the company announced an update on trading and operations for the period since its half-year results in January.
The results for the year to April 30 2015 will be announced at the end of July and are expected to be in line with projections at a pre-tax level.
Graham Cooley, chief executive of ITM Power, said: “This update reflects a very busy time for the company.
“Customer engagement with our energy storage and grid balancing products and with our hydrogen refuellers is at an all-time high.
“The project and quotation pipeline as a result has been steadily growing in both applications.
“ITM Power enjoys a strong foothold in Germany with its PEM Power-to-Gas technology and is building a valuable portfolio of refuelling stations in the UK centred on London, which will provide strong commercial experience in the manufacture, deployment and operation of hydrogen refuelling stations.”
The company, which manufactures integrated hydrogen energy solutions, has 15 products at its Sheffield headquarters either ready to ship, undergoing factory acceptance testing or in manufacture.
It now has two large scale power-to-gas plants operational in Germany, one with the Thüga Group and the other with RWE.
These are the only power-to-gas projects utilising polymer electrolyte membrane (PEM) electrolysis deployed in the world and reflects the company’s focus on one of its target territories. PEM is to do with generating energy through the electrolysis of water.
ITM Power is also working closely with technical institutions in Germany where wider energy storage and renewable chemistry projects are underway at pilot scale using the Company’s HPac platform.
The company’s first commercial scale refueller, sited less than two miles from Junction 33 on the M1 at The Advanced Manufacturing Park in Rotherham, is due to open in August.
A launch event is planned for September 17, which will give local businesses, fleet managers and potential end-users the chance to visit the station and learn more about ITM Power’s electrolysis and refuelling technologies. This station was co-funded by Innovate UK.
ITM Power’s development team, focused on lowering product costs, has also made significant progress.
Cost savings have been achieved through standardisation, simplification and in-house processing.
Growing evidence of durability has been achieved using the company’s suite of test stands which include over 100 single cell electrolyser tests, 16 commercial scale stack tests and four large scale stack tests.
These improvements have been realised in parallel to increasing the hydrogen output of stacks by 50 per cent and highlight the success of ITM Power’s development programme.
ITM Power hosted an institutional investors’ visit to Sheffield in May, in which business leaders got the chance to view projects being developed by the firm, including the ITM Power hydrogen fuel station at the Advanced Manufacturing Park.