Final Results for the year ended 30 April 2012

19th July 2012
2012 Annual Report

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce final results for the year ended 30 April 2012.

INTRODUCTION

  • In a world in which fossil fuel energy is becoming ever more scarce and expensive and countries are struggling to meet their carbon reduction obligations, hydrogen solutions have finally reached the top of energy agendas
    • European hydrogen car roll outs to start approximately two years early with Hyundai in 2013, followed by Mercedes in 2014 and almost every other major manufacturer in 2015
    • Requirements for hydrogen refuelling stations are being addressed now – in the UK with UK H2Mobility and in Germany with its equivalent, larger programme
    • Increasing size of installed base of intermittent renewable power generation worldwide means that energy storage is now seen as essential.
  • ITM Power is at the heart of initiatives and programmes to adopt hydrogen technology to reduce carbon footprints and reduce energy costs and, using its technology and knowhow, is aiming to be a world leading supplier of both:
    • Infrastructure products for the production of green hydrogen transport fuel; and
    • Products for the production and storage of hydrogen fuel from unpredictable renewable energy sources.

HIGHLIGHTS

Clean Fuel:

  • Achievement of CE marking and regulatory approval of HFuel for the German market
  • HFuel cost structure lower than EU hydrogen cost targets for 2015
  • UKH2Mobility MoU signed with the UK government
  • £2.3m of TSB funding for the EcoIsland project, £1.3m direct to ITM Power
  • Agreement with M&S to deliver the UK’s first hydrogen fuel cell, materials handling trial
  • Product development agreement with Boeing
  • Partnership agreement with GHR (IMI) to address the German market

Energy Storage:

  • Launched Megawatt Scale energy storage plant
  • TSB grant to investigate the feasibility of injecting hydrogen into the UK gas grid
  • Achievement of CE marking for HBox Solar

Financials and Corporate:

  • First significant revenues of £480,000 (2011: £8,000)
  • Grant funding of £985,000 recognised in the period (2011: £1,088,000)
  • New grant project awards of £2,734,000 (2011: £942,000)
  • A further £1,200,000 of EU grants in negotiation
  • Pre-tax loss for the period was £6.5m (2011: £6.4m)
  • Cash and short-term deposits at 30 April 2012 £6.6m (30 April 2011: £12.2m)
  • Decrease in cash and cash equivalents of £10.6m (2011: £4.8m), of which £5.0m was placed on term deposit
  • Dr Charles Johnstone appointed as Director of Engineering

Outlook:

  • Outlook positive with early revenue streams developing
  • Grant funded project consortia are developing productive relationships

Prof Roger Putnam, Chairman of ITM Power commented: “From a platform of commercially launched electrolyser products, ITM Power has successfully positioned itself to address the clear commercial opportunities within energy storage and clean fuel generation from renewable power. Our work to build key relationships has placed ITM Power at the heart of the two initiatives, UK H2Mobility and EcoIsland, which will define the deployment of hydrogen fuel and energy systems in the UK.”

For further information please visit www.itm-power.com or contact:

ITM Power plc
0114 244 5111
Graham Cooley, CEO

Singer Capital Markets Limited
www.singercm.com
(Nominated Adviser & Broker)
020 3205 7500
Shaun Dobson / Samantha New

Tavistock Communications
020 7920 3150
Simon Hudson / Kelsey Traynor

About ITM Power:

ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and raised its initial funding of £10m gross in its IPO. A further funding round of £28.5m was completed in 2006. The Company has now made the transition from a research and development company to a product manufacturer and technology provider. The Company has both a strong base of intellectual property and engineering expertise for providing complete hydrogen solutions. The Company has been successful in developing strategic industry partnerships in the following projects:

700bar Dispensing Collaboration in Germany

Marks & Spencer pilot materials handling fuel cell project

UKH2Mobility with leading auto OEM’s, UK gov. and industrial gas companies

EcoIsland with Toshiba, IBM, Cable & Wireless, SSE and Southern Water

Boeing Unmanned Aircraft System Refueller

Electrolyser Distribution with Horizon Fuel Cells

CREO with Ford, Jaguar Land Rover and Johnson Matthey

Exclusive European distribution rights for Infintium Materials Handling Fuel Cells

Sale of Equipment to EADS

EU Grant Award for PEM Water Electrolysers Coupled to Renewable Power Sources

Download the full article:

Final Results for the year ended 30 April 2012 (PDF)



Rebecca Markillie
Marketing & Communications
E: rlm@itm-power.com
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