ITM Power reports £10m project increase after equity raise
Sheffield-based energy storage and clean fuel company, ITM Power, has reported a rise in revenues and a stronger working capital position after its £29.4m share placing fundraising.
In half-year results to 31 October, the firm this morning reported revenues of £1.7m, up from £400,000 for the same period in 2016. Its total income was up 47% to £4.4m.
The firm has £27m of projects under contract – up by £10m on the previous half-year results. It said it also had a further £10.4m of contracts in the final stages of negotiation, constituting a total backlog of £37.4m (Jan-2017: £18.3m), up 103% year- on-year.
Its losses from operations stood at £2.9m, an increase from £2.3m in 2016. Its cash balance of £27.3m stood at period end; up from £1.7m.
ITM Power said its tender opportunity pipeline had grown steadily and is now over £200m, reflecting strong industrial demand.
In the half-year period, the firm completed a 10MW refinery hydrogen project with Shell to build the world’s largest PEM electrolyser at the Rhineland refinery, Germany, as well as the world’s first tidal-powered hydrogen generated at European Marine Energy Centre (EMEC) in Orkney.
It delivered its first hydrogen bus route in the Pau region of France and its 20 tonne/day (50MW) hydrogen refuelling station designs were launched in Las Vegas in September.
ITM Power has now identified new, larger factory premises and is expanding its manufacturing and after sales support teams. It also created an Australian subsidiary, ITM Power Pty, and appointed of Dr Neil Thompson as MD
Graham Cooley, CEO, said: “The six months under review have seen significant advances in all areas of ITM Power’s business. The announcement of the deployment of the worlds’ largest PEM electrolyser at Shell’s Rhineland refinery is a particularly important development seeing ITM Power enter the 10MW product class with a commercial product at scale. The Company’s pipeline of deals has more than doubled since last year showing strong and consistent growth in both the refuelling and power-to-gas markets.”
Roger Putnam, chairman, added: “The Board is pleased with the result of the successful equity raise, which secured the working capital the Company needs to underpin the significant progress that has been achieved in growing the order pipeline of commercial sales. Our stronger financial position will help us to continue to strengthen our relationships with a number of major blue-chip companies as we progress our international business. With the establishment of our new company in Australia I welcome Neil Thompson to the development team.”
