Year of progress for energy storage firm as revenue rises 53%
Sheffield-based clean energy storage firm ITM Power has reported a year of “significant progress” after seeing revenue increase 53% while the business focused on expanding its workforce and plans for new, larger production facilities.
The AIM-listed company, which manufactures integrated hydrogen energy systems and generates power-to-gas energy, clean fuel and is an expert in renewable chemistry, raised £29.4m of working capital through a placing and open offer to support increased levels of activity.
The group currently has £24.1m under contract and a further £6.5m in the final stages of negotiation, constituting a total pipeline of £30.6m having recognised £9.7m of income in H2 2018.
For the year to the end of April, ITM Power reported total revenue and grant funding of £14.1m (2017: £9.2m) up 53%, while the loss from operations came in at £6.5m (2017: £3.6m) up 83%, including £900,000 of one-off items.
The company reported an EBITDA loss of £4.8m (2017: £2.3m) up 109%, and available cash balance of £20.4m at year-end (2017: £1.6m) post the December 2017 fund raise.
ITM Power said heads of terms have been agreed for its new factory premises and detailed space planning is underway.
Graham Cooley, CEO, said: “This financial year has been a period of significant development for ITM Power. With revenue increasing by 53%, the Company has been focussed on the expansion of staff and the planning of the new, larger production facilities. We’ve also been learning how to maximise a growing portfolio of revenue generating assets in the shape of the first real hydrogen refuelling network in the UK. Finally, Power-to-Gas is now demonstrating real traction around the world and we remain very well placed to benefit from this development with our long-running reference plant in Germany.”
Roger Putnam, Chairman, added: “I was delighted to report earlier in the year that ITM Power had raised £29.4m of working capital. Our plans for expansion of staff and production capacity are on track and I am delighted to note the significant increase in our top line result. As always, I would like to thank the staff for another year of hard work and enthusiastic dedication to our business ambition to help decarbonise the world’s energy markets.”
