ITM Power reaches practical completion on Sheffield 'Gigafactory'
ITM Power
56.30p
16:45 28/05/24
Energy storage and clean fuel technology company ITM Power updated the market on the fit-out and opening of its first ‘Gigafactory’ at Bessemer Park in Sheffield on Monday.
Alternative Energy
0.00
10:35 07/05/24
FTSE AIM 100
3,923.51
17:14 28/05/24
FTSE AIM 50
4,384.98
17:14 28/05/24
FTSE AIM All-Share
808.36
17:14 28/05/24
The AIM-traded firm said the fit-out of the 1GW-per-annum Gigafactory had now reached practical completion, being the handover to the company by the contractors of the completed building, having suffered a “minor delay” from the Covid-19 pandemic.
It said the completed fit-out included an expansion of the existing offices, enlargement of the stack manufacturing and production areas, and a dedicated ATEX-rated space for factory acceptance testing of products, coupled with the necessary 5MW power supply on site.
The Gigafactory also housed the 24-hour remote and technical monitoring centre that would support ITM Power's after-sales service proposition, as well as the marketing centre, technology centre and component stores.
Its board said the site, off junction 34 of the M1 motorway in Sheffield, would soon see visitors with the creation of a conferencing facility, as well as a ‘Hydrogen Academy’ to support the training of apprentices, local engineers and customers, as well as facilities for site visits by customers, shareholders, investors and other stakeholders.
The ITM Power Gigafactory was described by the company as a “blueprint” for a high capacity, semi-automated PEM electrolyser manufacturing facility, which could be replicated, enabling a local facility to be planned and rapidly deployed in response to large order volumes.
“We have made solid progress over the last few months in operations as we gear up for the step change in manufacturing volumes enabled by our move into the world's largest electrolyser production facility,” said chief executive officer Graham Cooley.
“Designing the factory and the manufacturing processes, followed by the fit out, has been a two and half year journey, which has produced a blueprint for additional Gigafactories when justified by order volumes.”
ITM Power said it would announce its results for the six months ended 31 October, and provide updates on the tender opportunity pipeline and backlog, on 28 January.
At 1435 GMT, shares in ITM Power were uip 5.23% at 542.98p.