ITM Power pushes progress on
ENERGY storage and clean fuel company, ITM Power, today said it is making substantial progress.
The Sheffield-based business, which has announced a trading update in advance of its results for the year ending April 30 2013, said it has made significant progress towards the full commercialisation of its technology, both in the UK and internationally, as countries around the world advance their plans for hydrogen infrastructure roll-out.
According to the firm, it is continuing to develop its key markets in Germany and the USA with the order book now standing at £0.93m and product development and collaborative project grant awards continuing to flow.
Progress includes the formation of a Danish subsidiary to participate in the Danish markets for Power-to-Gas energy storage and hydrogen mobility, being the founding member of the Californian Hydrogen Business Council Hydrogen Energy Storage (HES) Program and new grant awards in the last year for collaborative projects with large multi-national company partners totalling £4.25m over the next three years.
ITM Power said that although the loss for the financial year to April 30 is expected to be in line with current market expectations, revenues are significantly lower than expected, at £87k, due to delays in the delivery to, and commissioning of, plant at customer premises where the customer has not been ready to accept delivery of products. ITM Power has controlled its costs in the period to achieve a net loss for the year in line with market estimates.
The firm said delivery times and hydrogen plant deployment is slipping and the company does not now see the commercial recognition, and therefore revenues, of significant deployment until the financial year 2015 as the major H2 Mobility programmes ITM Power is involved with begin their roll-out.
In the Power-to-Gas energy storage sector, the company’s product for the Thüga Group in Germany will lead a commercial campaign in Europe and there is significant interest in that sector in the USA.
In light of the delayed roll out in both H2 Mobility and Power-to-Gas sectors, ITM Power now expects that its move into profitability will be delayed.
ITM Power CEO, Dr Graham Cooley, said: “The progress we have made, and are making, is real and substantial.
“Our strategy is to embed the company in as many hydrogen infrastructure programmes around the world as we can and to make ITM Power’s products the must-have solution to the problem of surplus renewable energy – converting it either to fuel or injecting resultant hydrogen into gas grids.
“This is a medium to long-term value creation strategy but one that I believe will reward shareholders despite any short-term financial cost.”
