ITM Power: A Turnaround That Isn't Turning Jun. 30, 2023 ….. UK-based integrated hydrogen energy solutions company, ITM Power (OTCPK:ITMPF), started the year on a hopeful note, with the appointment of former Linde (LIN) executive Dennis Schulz as the new CEO. This year’s capital markets update also outlined a promising new twelve-month turnaround plan to right the issues that plagued ITM's operational and commercial performance. Yet, there has been little to indicate the promised turnaround is taking shape beyond a validation process of the electrolyzers to be delivered. Instead, the company has only announced more delays in recent months, most notably for Linde’s 24MW order for the Leuna and Yara plants into FY24. The 200MW order, also associated with Linde but operated at an RWE (OTCPK:RWEOY) site, has been pushed back even further to FY25/26 (commissioning due later in FY27). ….. In the meantime, expected delays, pending validation of the electrolyzers to be delivered, will effectively put a stop to new orders. This leaves the ITM order book solely dependent on Linde, which most recently confirmed 200MW of electrolyzer orders to be installed at an RWE-operated site. The US, helped by ‘Inflation Reduction Act’ incentives, was singled out as the most attractive market and, therefore, ranks high on the list for ITM’s new manufacturing facility. But with the strategic review effectively halting the ITM 10MW module development path (previously cited as the next step in ITM’s product expansion), along with the rest of its product pipeline and refueling JV, there likely isn’t going to be any product traction from here. ….. https://seekingalpha.com/article/4614597-itm-power-a-turnaround-that-isnt-turning
New ITM boss targets overconfident culture after profit warnings Producer of hydrogen electrolysers became London’s most shorted stock after plunge in value to $600mn from £3.5bn MARCH 5 2023 ….. Dennis Schulz, who arrived at ITM in December from the engineering arm of Linde, its biggest investor, has laid out a 12-month plan to revive the Sheffield-based maker of hydrogen-producing electrolysers, which has issued three profit warnings in the past year. ….. ITM’s Achilles’ heel has been transitioning from a company focused on research and development to a manufacturer that can deliver electrolysers on an industrial scale. Competitors are sympathetic. “I don’t think it’s a question of the technology not working,” said Andy Marsh, chief executive of US hydrogen producer Plug Power, adding that “a lot of the growing pains are associated with moving to scale production”. ….. https://www.ft.com/content/a68c9a0d-1968-4e95-9c92-39d42a86d443
ITM Linde Electrolysis (ILE) GmbH is a joint venture company between ITM Power and Linde Engineering. Linde is a leading industrial gases and engineering company. The joint venture was incorporated in January 2020. ITM Linde Electrolysis (ILE) GmbH will focus on providing global green gas solutions at industrial scale using ITM Power’s modular PEM electrolyser technology and Linde’s world class EPC expertise to deliver turnkey solutions to customers. https://www.itm-linde.com/
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