ITM Power (ITM) has announced its entry into the US market with the electrolyser manufacturer stating it will commence bidding projects in the region.
The news follows ITM securing supply of the same stack to both CE and ASME regions. The standardisation streamlines its production and supply chain, simplifying operations and increasing economies of scale.
ITM said it will leverage strong ties with North American industry leaders, with recent collaborations solidifying its leadership position and securing its supply chain for future growth.
The US is set to produce 10 million metric tons (MMT) of clean hydrogen annually by 2030, 20 MMT by 2040, and 50 MMT by 2050. This aligns with the $370 billion Inflation Reduction Act and the $9.5 billion Infrastructure Law investment, making the US a significant player in global hydrogen production compared to the 95 MMT of global grey hydrogen usage estimated by the International Energy Agency (IEA).
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."
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The US Inflation Reduction Act - launched in 2022 and the largest action taken so far to decrease greenhouse gas emissions in the US - promises to spark a seismic shift for the hydrogen industry.
ITM Power designs and manufactures electrolyser systems that generate hydrogen gas. The electrolysers are based on Proton Exchange Membrane (PEM) technology, which only uses renewable electricity and water to create green hydrogen. This technology addresses the challenge of intermittent renewable energy generation by enabling efficient energy storage through hydrogen production, ensuring a constant power supply when renewable sources are not available.
Financially, in its FY23 results ITM reported revenues of £5.2m, well ahead of the £2m guidance. EBITDA loss for the same period amounted to £94.2m, in line with the £85-95m guidance. ITM maintained a healthy cash position at the year-end, with £283m on hand, exceeding the guidance of £245-270m.
ITM shares gained 3.7% on today's announcement.
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