ITM Power (AIM: ITM), the energy storage and clean fuel company, announces its audited results for the year ended 30 April 2014. The Company currently has £6.550m of projects under contract.
Total revenue and Grant Funding of £3.077m (2013: £1.44m) up 114%, comprising:
*Cash burn is a non-statutory measure and is defined underneath the Cash Flow Statement
Graham Cooley, CEO, commented: “This has been a very productive period for us with solid progress in technology, sales, partnerships and project income. We built, CE marked, commissioned and consented the world’s largest PEM electrolyser and have proved the Company’s technology and project management ability. We now have a major reference plant with the Thüga Group, the largest utility grouping in the world. This solid progress directly reflects the achievements of our highly talented team.”
Roger Putnam, Chairman, added: “Our staff, through their hard work and dedication, have developed ITM Power’s technology platforms into a broad product offering. ITM Power is today firmly established as a world leader in PEM electrolysis.”
For further information please visit www.itm-power.com or contact:
ITM Power plc
Graham Cooley, CEO
+44 (0)114 244 5111
Tim Metcalfe (Nominated Adviser)
John Goold (Institutional sales)
+44 (0)20 7533 7727
Simon Hudson / James Collins
+44 (0)20 7920 3150
The principal activity of ITM Power is the design, manufacture and sale of hydrogen energy systems for energy storage and clean fuel production. 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, £2m in 2013 and £10m in 2014 have been completed. 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.