Half-Year Results

31st January 2014
ITM Power - Energy Storage, Clean Fuel

For the six months ended 31st October 2013

ITM Power (AIM: ITM), the energy storage and clean fuel company, announces half-year results for the six months ended 31st October 2013.

Summary

During the period, the Company’s 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. To meet this increased activity ITM Power has separately announced today a conditional equity raising of £10.0m gross to fund working and expansion capital.

Operational

  • Thüga Power-to-Gas plant delivered on schedule
  • First injection of hydrogen into the German gas distribution grid
  • Contract win with UK Government Agency
  • MOU with German Gas Utility NRM
  • Welsh Government backing for ITM Power in Wales
  • Strong corporate partner engagement
  • First Refuelling Station contract in the US

Financials

  • Revenues of £0.7m (2012: £nil) recognised in the period
  • Pre-tax loss for the period of £3.3m (2012: £3.7m loss)
  • £4.5m of products under contract
  • Further project income of £4.0m secured or under negotiation
  • Cash balances and short term cash balances at the period end of £3.7m (2012: £8.0m)
  • Cash burn of £4.1m (2012: £3.9m), which includes £0.3m (2012: £nil) of non-recurring engineering costs

Outlook

  • Strong quotations pipeline
  • Markets growing rapidly
  • UK, German and US Governments backing hydrogen infrastructure roll out

Prof Roger Putnam, Chairman of ITM Power commented: “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 of ITM Power, 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.”

Interim Report for six months ended 31 October 2013

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

ITM Power plc
Graham Cooley
0114 244 5111

Zeus Capital
Tim Metcalfe (Nominated Adviser)
John Goold (Institutional Sales)
020 7533 7727

Tavistock Communications
Simon Hudson / James Collins
020 7920 3150



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