Half Year Results for the Period ended 31 October 2017

29th January 2018

Significant commercial progress, financial position strengthened by £29.4m working capital fundraise

ITM Power (AIM: ITM), the energy storage and clean fuel company, announces its half year results for the six month period ended 31 October 2017. Comparable figures, where stated, refer to the corresponding period in 2016 unless otherwise indicated.

Commercial Progress:
• As at today, £27.0m (£17.0m) of projects under contract and a further £10.4m (Jan-2017: £1.4m) of contracts in the final stages of negotiation constituting a total backlog of £37.4m (Jan-2017: £18.3m), up 103% year on year
• Tender opportunity pipeline has grown steadily and is now over £200m, reflecting strong industrial demand
• 10MW refinery hydrogen project with Shell to build the world’s largest PEM electrolyser at the Rhineland refinery, Germany
• World’s first tidal-powered hydrogen generated at European Marine Energy Centre (EMEC) in Orkney
• First hydrogen bus route in the Pau region of France
• 20 tonne/day (50MW) hydrogen refuelling station designs launched in Las Vegas in September
• A new total of 20 hydrogen fuel contracts

Financial Highlights:
• Total income of £4.4m (2016: £3.0m), up 47%, comprising:
o Revenue – £1.7m (2016: £0.4m), up 325%
o Grant income plus grants receivable for capital projects – £2.7m (2016: £2.6m), up 4%
• Increase in fixed assets to £5.5m (2016: £3.8m), up 139%
• Loss from operations £2.9m (2016: £2.3m), increased by 26%
• Cash balance of £27.3m at period end (2016: £1.7m)
• Debtors balances of £12.8m (2016: £9.2m), up 39%

Operational Developments:
• New, larger factory premises identified and heads of terms agreed
• Expansion of the manufacturing and after sales support teams
• Creation of Australian subsidiary ITM Power Pty Ltd and appointment of Dr Neil Thompson as MD

Graham Cooley, CEO, commented: “The six months under review have seen significant advances in all areas of ITM Power’s business. The announcement of the deployment of the worlds’ largest PEM electrolyser at Shell’s Rhineland refinery is a particularly important development seeing ITM Power enter the 10MW product class with a commercial product at scale. The Company’s pipeline of deals has more than doubled since last year showing strong and consistent growth in both the refuelling and power-to-gas markets.”

Roger Putnam, Chairman, added: “The Board is pleased with the result of the successful equity raise, which secured the working capital the Company needs to underpin the significant progress that has been achieved in growing the order pipeline of commercial sales. Our stronger financial position will help us to continue to strengthen our relationships with a number of major blue-chip companies as we progress our international business. With the establishment of our new company in Australia I welcome Neil Thompson to the development team.”

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

ITM Power plc, Andy Allen, CFO +44 (0)114 244 5111
Investec Bank plc (Nominated Adviser and Broker), Corporate Finance: Jeremy Ellis / Jonathan Wynn, Corporate Broking: Chris Sim / Rob Baker,  +44 (0)20 7597 5970
Tavistock (Financial PR and IR), Simon Hudson / James Collins +44 (0)20 7920 3150

About ITM Power plc:
ITM Power manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of green hydrogen for transport, renewable heat and chemicals. ITM Power was admitted to the AIM market of the London Stock Exchange in 2004. In September 2017 the Company announced the completion of a £29.4m working capital fundraise. The Company signed a forecourt siting agreement with Shell for hydrogen refuelling stations in September 2015 and subsequently a deal to deploy a 10MW electrolyser at Shell’s Rhineland refinery. Additional customers include National Grid, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai, Anglo American among others. The Company currently has £27.0m of projects under contract and a further £10.4m of contracts in the final stages of negotiation constituting a total of £37.4m, subject to exchange rate variations.

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