Full Year Results

30 July 2010

ITM Power plc
("ITM or "the Company")

For the year ended 30 April 2010 ("FY 2010")

ITM Power plc (AIM:ITM) is a clean energy company focused on developing technology to alleviate the present dependence on hydrocarbon fuels. Today it announces its Final Results for the year ended 30 April 2010.

Highlights

  • The principal recommendations of the comprehensive review of the Company‟s activities accepted by the Board in May 2009 have been implemented.
  • Dr. Simon Bourne was appointed to the position of Chief Technology Officer following the retirement of Dr. Don Highgate.
  • Barry Cunliffe was appointed Chief Financial Officer and Company Secretary.
  • The Company achieved accreditation at its production facility in Sheffield for ISO 9001, ISO 14001, BS OHSAS 18001 and completed the roll out of its manufacturing system which enables the seamless design and manufacture of components and products and represents the last major milestone in the commercial launch of its product range ahead of completion of CE accreditation.
  • The Company defined its first commercial product range and completed a successful launch at the Hannover Messe trade show in April 2010. At the Hannover Messe numerous endorsements were received from large and established businesses, in particular concerning the engineering quality and effective transition from technology developer to product suppliers.
  • The Company re-established its link with the US market by attending the National Hydrogen Association conference at Long Beach, California in May 2010. At the NHA conference it was clear that hydrogen refuelling at both a domestic and commercial scale was recognised as an important and inevitable progression towards wider adoption of hydrogen fuel and ITM Power presented a paper outlining its experience and developments in the field of hydrogen refuelling for transport applications. On 9 June 2010 CEO Graham Cooley was elected to the board of the US Fuel Cell Council further developing the Company's presence in the US.
  • Following the NHA conference the Company announced that it had been awarded a contract by the NextEnergy Centre in Detroit to supply a design for a home refuelling unit complying with US standards.
  • During the past year the Company has established good working relationships with the major grant funding bodies and has been successful in winning several grant awards totalling over £500k.
  • As part of the "Hydrogen On Site Trials" (HOST) project the Company announced a partnership with DHL and Stansted Airport to demonstrate the Hfuel vehicle refueller product.

Prof Roger Putnam, Chairman of ITM commented:

"I am delighted with the progress that has been made at ITM in the last 12 months. The new management team has proved that the Company is capable of commercialising its technology and engineering developments into commercial products. The feedback from both the Hannover Messe and the NHA in California was very encouraging and initial interest in the product range bodes well for the future of the Company."

For further information please contact:

ITM Power plc
Dr. Graham Cooley, Chief Executive Officer
0114 244 5111

Panmure Gordon & Co
Katherine Roe
020 7459 3600

Tavistock Communications
Simon Hudson / James Midmer
020 7920 3150

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