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| ITM opens doors in Germany, and the EU |
ITM Power Enhances European Presence with New Office in Germany
In a strategic move that underscores the allure of the European Union's burgeoning hydrogen market, ITM Power has officially opened its office in Germany. Headquartered in Sheffield, ITM Power made a significant foray into the United States on October 16, expanding its global footprint.
Located in Linden, north of Frankfurt, the German office will serve as the company's base for responsive aftersales services across continental Europe. ITM Power has also begun storing its stacks at the Linden site, ensuring rapid delivery to customers, while offering repair and maintenance facilities. Additionally, Linden will be home to ITM's global business development operations.
Dennis Schulz, the CEO of ITM Power, highlighted the collaboration between the UK and Germany on deploying hydrogen projects and fostering a cross-border hydrogen economy. This strategic move to Linden brings ITM Power closer to its core markets in Germany and the wider EU. Schulz emphasized ITM's commitment to growth and its preparations for increasing local content creation within the EU.
To mark this milestone, ITM Power hosted an official opening event on October 24.
The expansion into Germany closely follows the company's entry into the United States, characterized as "asset light" and built upon existing relationships with various companies. Dennis Schulz acknowledged the significant potential of the US as one of the largest markets for green hydrogen. The US government's support for hydrogen technologies, including initiatives like the Inflation Reduction Act (IRA) and the National Clean Hydrogen Strategy and Roadmap, adds to the strategic significance of this move.
In an earnings report released in August, ITM Power articulated its plans to establish a presence in Germany, recognizing it as a pivotal step toward increasing local content creation within the EU.
ITM Power has encountered various challenges on its journey. The company reported revenues of £5.2 million for the year ending in April 2023, alongside an adjusted EBITDA loss of £94.2 million. However, the company has been awarded a 1.95 million euro contract under Germany's Sinewave project in January 2022. Collaborating with Linde, ITM Power has secured work from RWE for hydrogen production plans at Lingen.
As ITM Power expands into Germany and reinforces its European presence, it continues to navigate a dynamic and evolving landscape within the global hydrogen industry.
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