Results for the year ended 30 April 2014

30th July 2014
ITM Annual Report 2014 Cover

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.


Commercial Progress in year

  • £5.140m of projects under contract at year end
  • Won £2.800m contract to supply three refuelling stations in London
  • A total of £2.000m refueller build contracts won with Californian Energy Commission
  • Thüga Group’s Power-to-Gas plant officially commissioned and operational on schedule
  • Successful injection of hydrogen into the German gas grid
  • Participation in the UK, US, Swiss and French Hydrogen Infrastructure Programmes
  • Optimisation of standard product platforms and reduction in standard product cost
  • Partnership with NRM, Germany for Power-to-Gas projects
  • Gas network optimisation contract with AMEC and National Grid

Commercial Progress since year end

  • A further £1.330m of products under contract secured since year end
  • £3.010m of contracts in final stages of negotiation
  • Repeat sales of Electrolyser plant to a UK government agency

Key Financial Results For the year ended 30 April 2014

Total revenue and Grant Funding of £3.077m (2013: £1.44m) up 114%, comprising:

  • Revenue £1.127m (2013: £0.087m) up £1.040m
  • Grant income £1.370m (2013: £1.358m)
  • Grants receivable for capital projects £0.580m (2013: £nil)
  • Increase in fixed assets to £1.755m from £1.463m, up 20%
  • Loss from operations £7.978m (2013: £6.518m)
  • Cash burn*, £7.568m (2013: £6.063m)
  • Cash balance £9.763m (2013: £5.943m)
  • Two placings creating proceeds of £12.0m before expenses

*Cash burn is a non-statutory measure and is defined underneath the Cash Flow Statement

Corporate Development

  • Incorporation of ITM Power ApS in Denmark
  • ITM Power Inc. joins Californian Hydrogen Business Council Hydrogen Energy Storage (HES)Program
  • ITM Power GmbH Joins German Energy Agency’s Power-to-Gas Strategy Platform

Corporate Development post year end

  • Sir Roger Bone joins the board as a Non-Executive Director

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 or contact:
ITM Power plc
Graham Cooley, CEO
+44 (0)114 244 5111

Zeus Capital
Tim Metcalfe (Nominated Adviser)
John Goold (Institutional sales)
+44 (0)20 7533 7727

Tavistock Communications
Simon Hudson / James Collins
+44 (0)20 7920 3150

About ITM Power

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.

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Rebecca Markillie
Marketing & Communications
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