ITM posts heavy losses but increases electrolyser output

A record number of electrolysers have left green hydrogen pioneer ITM Power’s factory over the last six months despite losses soaring to £94.2 million for the full year, the company’s delayed annual results show. Sheffield-based ITM, which produces electrolysers that use electricity to split water into hydrogen and oxygen, has had a troubled 12 months that has seen the departure of long serving CEO Graham Cooley and the axing of a quarter of its headcount.

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