ITM Power looks to global markets
ITM Power, the energy storage and clean fuel company, today announced widening losses but said its work would put it at the heart of growing global markets for hydrogen power.
The Sheffield-based business saw pre-tax losses increase to £3.7m in the six months to October 31 from £3.5m a year earlier.
The group, which had cash and short-term deposits of £8m at the half-year, following a £5.4m fundraising last July, said that it had achieved European safety standards for the Infintium Fuel Cell System for materials handling vehicles.
ITM Power is the exclusive European importer of the US-made Infintium system and can now offer customers fuel cell and refuelling which are both CE marked.
During the half year ITM Power said had achieved a number of milestones including being part of a US to bid for a California refuelling station with two local partners, its first project in the German utility market to investigate power to gas energy storage and an agreement with AEG to cooperate in integrating ITM Power’s electrolyser technology with AEG’s power control electronics.
The company said that it gained grant funding of more than £3m in the period.
Prof Roger Putnam, chairman of ITM Power commented: “The next few years will, we believe, see the creation of what will become multi-billion dollar global markets and our company is positioned at the heart of these nascent markets – both as a participant and, increasingly, as a partner in the design of regulation, conformity and standards. We plan to be a world leading player in green hydrogen solutions for these developing global markets.”
Dr Graham Cooley, chief executive of ITM Power, added: “It is clear that the second half of the group’s financial year is the period during which large corporations and government bodies conclude their significant procurement and the group is in advanced talks and tender processes with several significant potential customers. The use of our products for energy storage and grid balancing is a key growth area and we are seeing an upward trend in enquiries in this sector”
