SHARES in electrolyser-maker ITM Power tanked 20 per cent yesterday after warning that revenues were likely to dip towards the bottom of its current guidance range.

Electrolysers use renewable electricity to create low-emission hydrogen, known as green hydrogen, from water.

ITM Power has been plagued with manufacturing issues in recent months.

The company revealed yesterday that while it continued to make technological progress in developing new modules, production issues have led to limited deliveries of its latest products including the 2MW MEP 2.0 stack.

As such, warranty provisions will need to materially increase from the £3m set aside in fiscal 2022, and could result in revisions to its guidance.

Further guidance will be provided for the current year's revenue and production as well as warranty provisions in the trading update in December.

It is also continuing its search for a new chief executive officer, after Graham Cooley stepped down last month after 13 years at the helm. Cooley, however, is staying on at the firm in a senior strategic role.

(c) 2022 City A.M., source Newspaper