Shares of ITM Power, the Sheffield-based green hydrogen and energy storage firm, rose as much as 10% after it published a trading update for the six months to October 31, 2023.

ITM Power said its expected unaudited financial results for the half year will include revenue of £7.5 million “well on track for full year guidance of £10-18m.”

The firm said it expects an adjusted EBITDA loss between £22-23.5m “trending well against lower end of full year guidance of £45-55m.”

It expects net cash at the end of the first half of the year of £253.7 million “against full year guidance of £175-200m.”

The company said: “Given this reassuring performance we confirm our full year guidance.”

ITM Power designs and manufactures electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero energy gas, using renewable electricity and water.

ITM Power CEO Dennis Schulz said: “We have been making substantial progress against our 12-month plan, which aimed at providing ITM a strong foundation to build on.

“The first 6 months of the financial year from May to October already paint the early picture of a new ITM, surpassing the full year revenue of each of the last two years by about 50% in just the first half of this year.

“We are pleased with the improvements achieved across all areas of the company, many of which have a positive effect on how we manage cash and scrutinise capital spend.

“We look forward to providing a detailed update on our 12-month plan which is nearing successful on-time completion in January, and to giving insight into our longer term strategic priorities at the time of our interim results.”