Final Results for the year ended 30 April 2013 and Placing

6th August 2013
Final Results and Placing 2013

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce:

  • publication of the Company’s final results for the year ended 30 April 2013; and
  • that it has raised £2,000,000 before expenses by way of an issue of 5,714,286 new ordinary shares of 5 pence each at a placing price of 35 pence per share.

Final results for the year ended 30 April 2013



  • First order of Power-to-Gas plant to the Thüga group in Germany
  • Preferred bidder for the supply of a refuelling station in California
  • Participation in German Government Power-to-Gas platform
  • Participation in North Sea Power-to-Gas platform
  • UKH2Mobility backs 50% electrolytic hydrogen for UK rollout
  • Participation in H2USA the US hydrogen rollout initiative
  • Participation in French National mobility programme
  • First orders in Japan and South America
  • First sale in Russia
  • Core electrolyser stack efficiency improved by 11%
  • Core electrolyser stack full power response time reduced to 0.2 of a second


  • Revenue for the period was £87k (2012: £480k), a significant decrease which represents delays experienced in commissioning and deployment of products at customer premises.
  • £0.9m order book plus strong and growing quotation pipeline
  • £3.7m of grant awards; another £3.5m subject to contract
  • Cash burn of £6.1m (2012: £5.7m). Cash burn is defined as the underlying rate of cash outflow after adjusting for movements in short term deposits and fund raising receipts, and is reconciled to the Consolidated Cash Flow Statement
  • Cash balances at period end of £5.9m (2012: £6.6m)

ITM Power’s CEO Dr Graham Cooley commented: “ITM Power has secured a key sale of its headline products – the energy storage sale in Germany and is the preferred supplier for the supply of a refuelling station in California. These are significant milestones in the Company’s development and demonstrate the commerciality of these two products and markets.”

ITM Power’s Chairman Prof Roger Putnam commented: “This year has seen clear and accelerating momentum within the industry. I do not doubt that ITM Power is well positioned to address the sizeable commercial opportunities within the energy storage and clean fuel generation from renewable power markets.”

The Placing

ITM Power has raised £2,000,000, before expenses, by way of an issue of 5,714,286 new ordinary shares of 5 pence each (the “Placing Shares“) at a placing price of 35 pence per share (the “Placing”).

The Directors believe that the business is well placed to deliver long term growth from the development of two main sectors:

a) Energy Storage, ITM Power won its first contract for a Power-to-Gas energy storage plant with the Thuga Group in Germany and is a member of the following Power-to-Gas programs; Strategieplatform in Germany, the North Sea Power-to-Gas Platform, the Mediterranean Power-to-Gas Platform and the California Hydrogen Business Council.

b) Clean Fuel, ITM Power is constructing a smart grid linked hydrogen refuelling station on the Isle of Wight and is the preferred bidder to supply the electrolysis plant for a refuelling station at the headquarters of Hyundai in California. The Company is a founder member of the hydrogen mobility infrastructure programs in the UK, the USA, France and Switzerland. The Company is also the supplier of hydrogen refuelling plant to Boeing’s UAV program.

The Directors intend to use the net proceeds of the Placing to provide the Group with additional financial resources to underpin its balance sheet and thereby improve the ability of the Group to develop its relationships with existing and future customers. £450,012.50 of the Placing is to be invested by Carbon Trust Investments Limited, to fund a research and development project being carried out by ITM in relation to the application of the Group’s technology in the field of motive power for vehicles in accordance with the project agreement entered into with The Carbon Trust.

The Company has entered into an agreement with The Carbon Trust in relation to a continuing research and development project being carried out by ITM in relation to the application of ITM’s technology in the field of motive power for vehicles (the “Project“). The agreement does not become effective unless and until Carbon Trust Investments Limited (an affiliate of The Carbon Trust) has subscribed £450,012.50 for new ordinary shares as part of the Placing. Under the agreement, £1 is payable by The Carbon Trust in consideration for ITM agreeing to undertake the Project in accordance with the terms of the agreement. As part of the agreement, ITM will use the £450,012.50 invested by from Carbon Trust Investments Limited as part of the Placing, exclusively in relation to the Project.

The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of 5 pence each in the capital of the Company, including the right to receive all dividends and other distributions declared, made or paid in respect of such shares after the date of issue of the Placing Shares.

The Company has applied for admission of the Placing Shares to trading on AIM, a market operated by the London Stock Exchange plc (the “Admission”). It is expected that Admission will take place and that trading in the Placing Shares (and, where applicable, CREST members’ accounts credited in respect of Placing Shares in uncertificated form) will commence at 8 a.m. on 8 August 2013.

Following Admission, the Company’s issued share capital will consist of 128,521,201 ordinary shares. There are no ordinary shares held in treasury. Therefore, in accordance with the FCA’s Disclosure and Transparency Rule 5.6.1, the Company confirms that following Admission, the total number of voting rights in the Company will be 128,521,201.

The Placing is conditional upon Admission becoming effective.

For further information please visit or contact:

ITM Power plc
Graham Cooley, CEO
0114 244 5111

Zeus Capital
Tim Metcalfe (Nominated Adviser)
John Goold (Corporate Broking)
020 7533 7727

Tavistock Communications
Simon Hudson
020 7920 3150

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. Further funding rounds of £28.5m in 2006, £5.4m in 2012 have been completed, together with the £2m Placing announced here. 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:

Download the full article:

Final Results for the year ended 30 April 2013 and Placing (PDF)

Rebecca Markillie
Marketing & Communications
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