ITM warns of project delays as production issues bite

Problems with manufacture of new electrolyser model expected to hit full-year output and revenue

UK electrolyser company ITM Power has warned that issues with the manufacture of its new 2MW ‘MEP’ units could delay financial close on some large-scale green hydrogen projects. The firm says it may take longer than expected to finalise its contracts with customers as delays in certain areas, including tooling and testing, have limited the amount of performance data available on the new product line. This has led to a “material increase” in the provisions it needs to make for product warranties. “The board is aware of the potential risk associated with the growing and uncertain levels of warranty provisions and is seeking to mitigate this portfolio risk,” ITM says in a trading update that se