ITM Power looks to raise £10m as losses narrow

ITM Power is looking to raise £10m to fund working and expansion capital while also announcing a reduction in pre-tax loss in its half year results.

The Sheffield-based energy storage and clean fuel company reported a pre-tax loss of £3.3m for the six months to the end of October, down from £3.7m last time.

During the period, ITM Power said the pipeline of project quotations has increased “significantly”, both in number and value.

“Both power-to-gas energy storage projects and refuelling station projects have been tendered in significant numbers. The completion of the Thüga plant commissioning is expected to further increase customer traction,” the company said.

To meet this increased activity, ITM Power announced a conditional equity raising of £10m.

Chairman Roger Putnam said: “We are aggressively pursuing opportunities to reinforce our position as a global leader in energy storage and clean fuel, and we seek to turn that position into increased revenues for the Company as our markets mature and become mainstream. We are pleased with the progress made to date and look forward to an active second half of the year.”

Dr Graham Cooley, chief executive, added: “In the last two years, ITM Power has transformed its business by migrating from the sale of small hydrogen equipment to large scale electrolyser plant installations. Having done so, we have demonstrated the successful application of our technology, the strength of our engineering capability, and our ability to deliver on the projects we undertake. Today we are a proven player in this dynamic industry and as a result, ITM Power is well placed to capitalise on the growing global demand for energy storage.”

ITM Power was admitted to the AIM market in 2004 and raised its initial funding of £10m in its IPO.

Further funding rounds of £28.5m in 2006, £5.4m in 2012 and £2m in 2013 have been completed.