Half-Year Results

31st January 2013
ITM Power - Energy Storage, Clean Fuel

For the six months ended 31st October 2012

ITM Power (AIM: ITM) the energy storage and clean fuel company announces half-year results for the six months ended 31 October 2012.



  • Achievement of CE marking for Infintium fuel cell powerpack for materials handling market.
  • ITM Power, Inc. established in US to bid for the California refuelling station solicitation with two local partners.
  • First project with German utility market to investigate power to gas energy storage.
  • Agreement with AEG to cooperate in integrating ITM Power’s electrolyser technology with AEG’s power control electronics.
  • Additional international representation – North American representative appointed; French representative appointed, engagement progressing.
  • HFuel cost structure updated showing competitiveness with all other sources of hydrogen and lower than EU targets for 2015.
  • Successful participation in consortia winning grant funding from the EU and the UK Government for projects in fuel cells, refuellers, methanation and energy storage.
  • Company’s fuel cell technology further developed, routes to monetisation under review.


  • Grant funding of £257,000 recognised in the period (2011: £269,000), with a further £955,000 yet to claim regarding grants in progress.
  • New grant project awards of £3,046,000 (2011: £942,000) including significant revenues attributed to product delivery.
  • Maintained order flow for modular products with order book of £358k (2011: £390k) predominantly relating to the HPac platform.
  • Pre-tax loss for the period of £3.7m (2011: £3.5m) and net cash burn (after the share issue) of £3.9m (2011 £3.2m, Full year £5.6m), reflecting increased activity levels.
  • Cash and short-term deposits at 31 October 2012 £8.0m (31 October 2011: £9.0m) following £5.4m fundraise in July 2012.


  • Development of worldwide hydrogen markets accelerating, early adoption industries growing.
  • Governments addressing energy storage and security are moving hydrogen up the agenda.
  • Launch this year and next year of fuel cell electric vehicles will provide additional profile for hydrogen.
  • Hardware and products available now for sale, demonstration and testing.

Prof Roger Putnam, Chairman of ITM Power commented: “The next few years will, we believe, see the creation of what will become multi-billion dollar global markets and our company is positioned at the heart of these nascent markets – both as a participant and, increasingly, as a partner in the design of regulation, conformity and standards. “We plan to be a world leading player in green hydrogen solutions for these developing global markets.”

Dr Graham Cooley, Chief Executive of ITM Power, added: “It is clear that the second half of the Group’s financial year is the period during which large corporations and government bodies conclude their significant procurement and the Group is in advanced talks and tender processes with several significant potential customers. The use of our products for energy storage and grid balancing is a key growth area and we are seeing an upward trend in enquiries in this sector”

Interim Report for six months ended 31 October 2012

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

ITM Power plc
Graham Cooley
0114 244 5111

Nplus1 Singer Advisory LLP (Nominated Adviser & Broker)
Shaun Dobson / Jenny Wyllie
020 7496 3000

Tavistock Communications
Simon Hudson / Kelsey Traynor
020 7920 3150

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