HYDROGEN power producer ITM Power said it is making "substantial progress" towards building a solid operating year with both revenues and losses in line with expectations.

In a trading update, the firm reported half-year revenues of £7.5m, within the £10-18m full-year guidance, and an adjusted EBITDA loss of between £22- 23.5m against a full-year guidance of £45-55m.

It revealed net cash at the end of the first half of the year of £253.7m, against full-year guidance of £175-200m.

Based in Sheffield, ITM Power specialises in making electrolysers, devices which use electricity to split water into hydrogen and oxygen — a fundamental part of the green hydrogen generation.

The company's chief executive Dennis Schulz said that six months into a oneyear turnaround plan, the company is building a "strong foundation" and there is "already a picture of a new ITM".

The old ITM had its fair share of woes in recent months. Despite difficulties, the company recently vowed to list in the US, swayed by the Inflation Reduction Act.

(c) 2023 City A.M., source Newspaper