ITM Power Plc (ITMPF) Q1 2025 Earnings Call Transcript

2025-01-31 16:12:47 ET

ITM Power Plc (ITMPF)

Q1 2025 Earnings Conference Call

January 31, 2025 04:30 AM ET

Company Participants

Dennis Schulz - Chief Executive Officer

Andy Allen - Chief Financial Officer

Amy Grey - CFO

Simon Bourne - Chief Technology Officer

Justin Scarborough - Head of Investor Relations

Presentation

Operator

ITM Power Plc interim results for the six months ended 31st of October 2024. [Operator Instructions] The company may not be in a position to answer every question received during the meeting itself. However, the company will review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, we'd like to submit the following poll.

I'd now like to hand you over to the ITM Power team. Good morning.

Dennis Schulz

Good morning, and welcome to our interim results presentation for the first half of the financial year '25. We have put together for you a comprehensive update. Among other topics, we will check in on our strategic priorities, talk about our project landscape, our contract backlog and our sales pipeline.

But before diving into details, let me give you an overview of where we stand. I have clustered the overview into the market, our operational situation, the competitive landscape and our financial position. Achieving net zero requires the transformation of our energy system. To support this course, governments worldwide are implementing policies, regulatory frameworks and financial support mechanisms.

As the only net-zero gas, green hydrogen is becoming a significant pillar of the global energy mix, whether as a feedstock in sectors such as chemicals and refining, as a fuel or as a source of flexible power generation. The potential of green hydrogen and the electrolyzer industry remains phenomenal and provides optimism for the future. When it comes to regions, the European Union has an ambitious strategy for hydrogen. Its target is to produce up to 10 million tonnes of renewable hydrogen by 2030, requiring around 100 gigawatts of electrolyzer capacity.

According to the EU, this equates to more than 500 times the installed capacity at the end of 2023. The European Commission awarded EUR 4.8 billion in grants to 85 net-zero projects across 18 countries. From within the European Union, it was Germany who has led the world in policy and funding support for green hydrogen. As an important enabler of growth, the German government recently approved a 9,000-kilometer hydrogen pipeline network set to be operational by 2032. The first approximately 500 kilometers of pipeline are announced to come online already this year....

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