ITM prepares sales push as losses cut

CLEAN fuel company ITM Power has cut its pre-tax losses for the first half to £3m as it starts to deliver its first products.

The company is set to begin its first trial of its transportable hydrogen refuelling unit at Stansted Airport in March, one of 21 organisations that have signed up to try out the technology.

ITM also said it would be beginning a “product sales drive” at the Hannover Messe exhibition in April as Governments around the world show increasing interest in hydrogen fuel technology.

In a statement accompanying the results, chief executive Graham Cooley said: “ITM Power has been engaged in its transformation from a technology development company to a product company and 2011 will be the year that this process results in the first product revenues.”

ITM chairman Roger Putnam said: “When I last commented on the developments at ITM, we had just come through a very challenging period during which we had instituted, and implemented the conclusions of, a thorough review of the company’s technology, potential markets and commercialisation strategy.  I am pleased to be reporting now on the progress of that commercialisation and the first delivery of ITM products.
 
“The team have worked incredibly hard on achieving the CE marking of these early products and the HOST team have been highly successful in putting together the biggest trial of hydrogen fuelled vehicles ever to have taken place in the UK.  I look forward to reporting further progress at the conclusion of the second half of our financial year.”

ITM Power said at the end of October it had cash and short term investments at £14.7m and had received grant funding worth £536,000 over the period.