January 2016

ITM Power (AIM: ITM), the energy storage and clean fuel company, announces its interim results for the six month period ended 31 October 2015. The company has recognised a total revenue and grant funding of £3.45m in the period. The company currently has £9.01m of projects under contract and a further £8.66m of contracts in final stages of negotiation, making a total pipeline of £17.67m (2014; £11.37), an increase of 55%.

ITM Power is also pleased to announce that the Company has raised £2.14 million before expenses, by way of a firm placing with institutional investors for 14,283,722 new ordinary shares, subject to shareholder approval ("the Placing") at an issue price of 15 pence per share ("the Issue Price"). In addition, the Company will offer up to 24,934,135 new ordinary shares (the "Offer Shares") for qualifying shareholders at the Issue Price potentially raising up to a further £3.74 million, subject to shareholder approval (the "Open Offer").

Furthermore, the Company has secured irrevocable undertakings from JCB Research, Peter Hargreaves, Graham Cooley and certain other investors to take up their Basic Entitlement under the Open Offer and to apply for Excess Shares under the Excess Application Facility to an aggregate value of £2.86 million (see Placing and Open Offer announcement for defined terms).

The total fundraising from the Placing and the Open Offer will be £5.00 million and could rise to £5.88 million subject to take up under the Open Offer.

Summary:

Commercial Progress

·     Strategic siting partnership agreed with Shell to locate three hydrogen refuelling stations on Shell forecourts in the UK.

·     Launch of ITM Power's first hydrogen refuelling station at the Advanced Manufacturing Park, Rotherham, close to the M1 motorway.

·     Full planning permission secured on National Physics Laboratory (NPL) & The Centre for Engineering and Manufacturing Excellence (CEME) refuelling sites in London as part of the HyFive project.

·     Planning applications submitted for four more refuelling station locations.

·     Delivery of electrolyser to Hydrogen Refuelling Station site at NPL as part of the HyFive project.

·     Thüga group announce efficiency as high as 77%.

·     RWE utilise heat recovery to achieve efficiency of 86%.

·     Partnership agreed with Symbio FCell and Arcola Energy to provide an integrated package of zero emission vehicles, on-site fuel and after sales support for UK fleet operators.

Post period end

·     A further £0.74m (2014: £3.17m) of products under contract secured making a current total of £9.01m (2014: £8.76m) under contract 

·     A further £3.56m (2014:£2.61m) of contracts in final stages of negotiation

·     Signed a fuel supply contract with Toyota.

·     Raised £5m in working capital, subject to authority at EGM

Key Financial Results for the six months ended 31 October 2015

·     Total revenue and grant funding of £3.45m (2014: £1.34m), up 157%, comprising:

o  Revenue - £0.66m (2014: £0.52m), up 27%

o  Grant income - £1.37m (2014: £0.80m), up71%

o  Grants receivable for Capital Projects - £1.42m (2014: £0.2m), up 610%

·     Increase in fixed assets to £3.13m (2014: £1.51m), up 107%

·     Loss from operations £3.17m (2014: £3.69m) , improved by 14%

·     Cash burn* of £3.98m (2014: £3.09m), increased by 29%

·     Cash balance of £2.60m at period end (2014: £6.67m)

·     Debtors balances of £5.14m (2014: £1.23m), up 318%

·     Debtors balance comprises substantially of balances from the California energy commission, UK government, and the EU Joint undertaking

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

Corporate Development

·     Bob Pendlebury joined the board as a Non-Executive Director and heads up the Manufacturing and Engineering committee

·     Rachel Smith joined the board as an Executive director

Graham Cooley, CEO, commented: ITM Power continues to push contracts into final negotiation which demonstrates the demand for our technology. This has been a productive six months for ITM Power and we have continued to develop our technology, infrastructure and order book. This success highlights that ITM Power continues to lead the world wide deployment of PEM electrolysis"

Roger Putnam, Chairman, added: "The last six months have seen significant reports of customer satisfaction, meeting and exceeding initial expectations of ITM Power products which we now have operating in the field.  This provides a good endorsement for the technology and a positive step for the industry.  The success of the launch of the M1 wind hydrogen station in September was supported by all the major fuel cell car manufacturers and is testament of the need for these stations to be deployed to enable the roll out of fuel cell vehicles, which of course is good timing with the further stations ITM Power is deploying this year."

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

ITM Power plc

Graham Cooley, CEO

+44 (0)114 244 5111

Zeus Capital

Dan Bate / Andrew Jones / Hugh Kingsmill Moore / Alex Davies

+44 (0)20 3829 5000

Tavistock

Simon Hudson / James Collins

+44 (0)20 7920 3150


About ITM Power plc:
ITM Power manufactures integrated hydrogen energy solutions which are rapid response and high pressure that meet the requirements for grid balancing and energy storage services, and for the production of clean fuel for transport, renewable heat and chemicals.  ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and is a founder member of the Social Stock Exchange. The company received £4.9m as a strategic investment from JCB in March 2015. The company signed a forecourt siting agreement with Shell in September 2015 and a fuel contract with Toyota in October 2015. The Group currently has £9.01m of projects under contract and a further £8.66m in the final stages of negotiation (£17.67m in total). www.itm-power.com.

CHAIRMAN'S STATEMENT
The efficient use of renewables is a recognised global issue and this underpins the Company strategy and is reflected in the Company's activities and continued progress during the period under review.  Our focus continues to be on large scale plant for Power to Gas and Hydrogen Refuelling and I am pleased to report that ITM Power's traction in world markets continues to accelerate.

In Power to Gas applications, we now have third party verification of the efficiency of our units as being as high as 86%, and are consistently tendering for MW-scale projects. We have also announced that an ITM Power electrolyser is now being used by the Thüga group as part of a grid balancing pool. We have also been tested as having sub-one-second response times for our electrolysers which will enable users of an ITM electrolyser to access the best incentive structures available.

In refuelling applications, we launched our first refuelling station in September which is open to the public, and was supported by Honda, Hyundai, and Toyota. Post period end we have deployed our first refuelling station in California and also signed a fuel contract with Toyota, under which ITM Power will provide the lowest-cost hydrogen for cars in the UK.

Financials
Revenue for the first six months of period under review was £0.66m (2014: £0.52m). This reflects the construction to date on the Orkney project which will be completed later in the financial year. The pre-tax loss for the period was £3.17m (2014: £3.69m), the reduction is attributable to the increase in grant income.

Trade debtors have increased to £5.1m. This was also due to increased grant activity with the debtors balance reflecting grant claims yet to be received.

Cash burn has increased by £0.89m mainly due to the timing of costs compared to cash receipts on build projects. Total grant income in the period was £1.37m (2014: £0.82m). Cash and short-term deposits at the period end were £2.60m (£6.58m at 30 April 2015 and £6.67m at 31 October 2014). This reflects the outlay that has been required for new build projects. These builds will be completed later in the financial year. 

The board is not recommending the payment of a dividend for the period in accordance with our stated policy.

I am pleased to announce that we have entered into a fundraising, constituting a firm placing of £2.14m, subject to shareholder approval and an open offer of up to £3.74m subject to shareholder approval. This funding will be used to support the known pipeline for builds and sales, as well as help demonstrate a stronger balance sheet to offer the greatest success in new commercial tenders.

Team
I am delighted to welcome Robert Pendlebury ("Bob") to the board as a Non-Executive Director. Bob was previously Engineering Director at JCB, and now heads up our Manufacturing and Engineering Committee, bringing with him a wealth of experience. I would also like to welcome Rachel Smith to the Board as an Executive Director. Rachel has worked for ITM Power since the company was set up in 2002. She has held a variety of roles including Research Scientist (2002-2004), Head of Science (2004-2008) and Operations Manager (2008-2013). Most recently, she served as Partnership Funding Manager where her responsibilities included identifying suitable grant projects, liaising with potential partners, developing project concepts and writing bid applications. She is also responsible for grant project management, providing an effective interface between ITM Power and funding bodies and ensuring that staff are supported in delivering high quality outputs.

In order to deliver on our ambition to shape a renewable hydrogen future ITM Power continues to develop an international presence with top quality scientists, engineers, managers and support staff. We continue to carefully evaluate the resources of the Company and as we drive forward with our commercial development phase, we ask a lot of our people. The Board members would like to express their appreciation of our staff's hard work and dedication towards executing our strategies and driving the Company forwards.

Outlook
Our first reference plant in the Power-to-Gas market, in Frankfurt for the Thüga Group, has been in operation for over two years now, with the Thüga Group reporting 'better than expected' results.  The demonstration of a full scale installation in operation, and generating vital performance metrics, is creating a great deal of interest from potential partners and customers.  The market in Germany and increasingly the UK and USA shows signs of significant growth and, with negotiations ongoing for sales in two new markets, the momentum looks set to increase again in 2016.

In refuelling, ITM Power has now delivered four units, with the first in California currently being commissioned. The collaboration agreement with Shell will lead to the first deployment of a refuelling station on a Shell forecourt, and will continue to improve the infrastructure in the UK, as Toyota and Hyundai increase the deployment of vehicles.

Shareholders should note that we continue to pursue all appropriate opportunities to reinforce our position as a leader in energy storage and clean fuel internationally and to turn that position into increased revenues for the Company as our markets mature.  The Board is pleased with the progress made to date and looks forward to an active second half of the year.

Prof Roger Putnam CBE
Chairman
28 January 2016 

CEO's REVIEW
ITM Power has had a successful start to the year, with significant news flow around Power To Gas and clean fuel projects. The Company's key strategic goal remains that of becoming cash flow positive in the shortest period possible and we have successfully prevented the cost base materially increasing despite revenues rising significantly over the last two years.

ITM Power has a rapidly developing pipeline of qualified quotes for its two principal products. These larger scale platforms are becoming the most prevalent source of income and also make up the bulk of enquiries the Company is now receiving.

Products in Build
As of today, the Company has nine products at its Sheffield headquarters either ready to ship, undergoing factory acceptance testing (FAT) or in manufacture, of which one is an Hpac 40 and eight are larger scale products.  Product cost reduction is being achieved through both manufacturing efficiencies and reduced materials costs.

Power-to-Gas Large Stack Platform
The Company launched its new 1MW stack module at the Hannover Messe in April 2015. The module consists of three 350kW PEM stacks in a single, compact skid. The response from the market has been very encouraging and ITM Power is actively developing numerous projects with a view to deployment in both refuelling and energy storage applications.

The new stack is a significant strand in ITM Power's development activity and will extend the Company's reach to higher capacity applications, such as multi MW Power-to-Gas. The main advantages to the stack module are the ability to fit more electrolysis into a smaller footprint, an important consideration when addressing multi MW installations, and enabling plant simplification through the use of fewer stacks in products. While developing this larger stack platform, the Company has benefitted from the operational experience of its previous stack platform which has been successfully exposed to very demanding Power-to-Gas applications.

Power-to-Gas in Germany
ITM Power now has two large scale Power-to-Gas plants operational in Germany, one with the Thüga Group and the other with RWE. These are the only Power-to-Gas projects utilising PEM electrolysis deployed in the world and reflects the Company's focus on one of its target territories. ITM Power is delighted that it has both won these contracts and that they continue to provide valuable field data.

ITM Power is also working closely with technical institutions in Germany where wider energy storage and renewable chemistry projects are underway at pilot scale using the Company's HPac platform.

German subsidiary, ITM Power GmbH, has now employed its first full time engineer, Jochen Ludwig (Dipl.-Ing TH), to help install, commission and service the Company's equipment in Germany in addition to supporting business development activities. Jochen will work closely with the existing after sales support team headed by Dr Matt Lees, based in Sheffield.

The size of the German Power-to-Gas market is predicted to be 46GW in 2030 and between 115 to 170GW in 2050 as detailed in the recent EU report "Commercialisation of energy storage in Europe" which received contributions from 32 companies and organisations and supported by the European Commission.

Hydrogen Refuelling Station (HRS) Deployment
The nature of HRS projects are that costs, and in particular non-recurring engineering costs, are subsidised through project income that ultimately culminates in ITM Power retaining ownership and operation of completed units. This means that the assets in build will be of value to ITM Power in the future as sales demonstration projects and sources of metrics and information for continually improving the performance of plant.

ITM Power has a total HRS portfolio today of ten, comprising three operational stations, with a further seven in stations under development.

ITM Power's Nottingham HRS has been operating now for over three years (deployment announced 20th September 2012) and provides a small 350bar refueller on the Nottingham University site. ITM Power's first commercial scale (80kg/day) refueller, sited less than two miles from Junction 33 on the M1 at The Advanced Manufacturing Park in Rotherham opened for 350bar refuelling in September 2015. A launch event was held on 17th September, giving local businesses, fleet managers and potential end-users the chance to visit the station and learn more about ITM Power's electrolysis and refuelling technologies. This station was co-funded by Innovate UK and will be upgraded to 700bar refuelling under the OLEV HRS upgrade scheme in spring 2016.

HyFive, an EU funded project (with OEM partners BMW, Daimler, Honda, Hyundai and Toyota), is to deploy three 700 bar stations in London. Two sites are now identified with planning applications granted. The first is at the National Physical Laboratory's (NPL) National Measurement Institute, a world leading centre of excellence located in Teddington close to the A316 and A308. Civil works were completed in autumn 2015. The electrolyser unit was delivered in November 2015 and is expected to be commissioned later in 2016, after which the site will open to the public.

The second site is at the Centre for Engineering and Manufacturing Excellence (CEME).

CEME is a world-class research, business support, skills and education campus located in East London. The CEME Campus is situated on the A13 in Rainham, close to both Canary Wharf and the M25. The HRS is being built in our Sheffield facility and ground works are planned for February 2016, enabling commissioning over the coming months, with the site opening to the public in 2016. Planning activities continue for the third HyFive site to complement the NPL and CEME cluster. All three sites will also benefit from the OLEV HRS upgrade fund, and will provide "pay at pump" hydrogen refuelling for the first time in the UK.

H2ME, another EU project and launched in June 2015, will deploy a further two HRS in London. ITM Power is working with Shell to deploy these stations on Shell petrol station sites. Locations will be chosen to complement London's existing facilities and will be in line with FCEV OEM vehicle deployment plans. Public opening is planned for summer 2016. The Company would welcome approaches from land owners for a further four stations in London.

Technology Progress
ITM Power's Development team, focused on lowering product costs, maximising durability and increasing efficiency, has made significant progress. Cost savings have been achieved through standardisation, simplification and in-house processing. Growing evidence of durability has been achieved using the Company's suite of test stands which include over 100 single cell electrolyser tests, 16 commercial scale stack tests and four large scale stack tests. These improvements have been realised in parallel to increasing the hydrogen output of stacks by 50% and highlight the success of ITM Power's development programme.

ITM Power's electrolyser stack materials have surpassed the 30,000 operational hours landmark, with an average degradation rate below two millionths of a volt per hour per cell. This gives a predicted lifetime of over 100,000 hours of high efficiency operation, which equates to a 20 year lifetime at 60% usage or 12 years of continuous operation before materials need to be changed. In addition, internal stack tests have performed over 30,000 rapid response operations (from zero to 100% in less than one second) without any additional degradation. To allow for the Company's water electrolysers absorbing renewable energy under extreme conditions, tests at 300% of normal operating power have surpassed a 12,000 hours operational mark with a degradation rate below two millionths of a volt per hour.

This data further reinforce the Company's core technology and is testament to the heavy emphasis given to extensive laboratory testing. Coupled with the rapidly growing quantity of data acquired from equipment in the field, ITM Power is in a very strong position.

Marketing
The Company's marketing efforts are focused on engagement with multi-national companies which operate within the energy and transport sectors. In addition, ITM Power attends and presents at, increasingly by invitation, many industry specific trade fairs and conferences in the UK, mainland Europe and the United States.

Dr Graham Cooley
Chief Executive Officer
28 January 2016

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
Results for the six months ended 31 October 2015

 

 

 

 

 

Six months ended 31 October 2015 (unaudited)

£'000

 

Six months ended 31 October 2014 (unaudited)

£'000

 

Year ended 30 April 2015 (audited)

£'000

               

Revenue

 

 

655

 

521

 

1,635

Cost of sales

 

 

(438)

 

(160)

 

(1,045)

Gross profit

 

 

217

 

361

 

590

               

Operating costs

 

 

 

 

 

 

 

- Research and development

 

 

(1,066)

 

(3,581)

 

(4,322)

- Prototype production and engineering

 

 

(2,162)

 

(148)

 

(1,141)

- Sales and marketing

 

 

(624)

 

(242)

 

(719)

- Administration

 

 

(905)

 

(902)

 

(1,908)

Other operating income - grant income

 

 

1,368

 

823

 

1,777

Loss from operations

 

 

(3,172)

 

(3,689)

 

(5,723)

 

 

 

 

 

 

 

 

Investment revenues

 

 

2

 

11

 

12

Loss before tax

 

 

(3,170)

 

(3,678)

 

(5,711)

Tax

 

 

394

 

93

 

84

Loss for the period

 

 

(2,776)

 

(3,585)

 

(5,627)

 

 

 

 

 

 

 

 

OTHER TOTAL COMPREHENSIVE INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(37)

 

-

 

116

 

 

(2,813)

 

(3,585)

 

(5,511)

Loss per share

 

 

 

 

 

 

 

Basic and diluted

 

 

(1.6p)

 

(2.2p)

 

(3.4p)

Weighted average number of shares

 

 

178,100,996

 

161,864,536

 

163,213,408

                 


The loss per ordinary share and diluted loss per share are equal because share options are only included in the calculation of diluted earnings per share if their issue would decrease the net profit per share or increase the net loss per share.

All results presented above are derived from continuing operations.

The loss for the period is equal to the total comprehensive expense for the period.

The accompanying notes form part of these financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
Results for the six months ended 31 October 2015

 

Called up share capital

£'000

Share premium account

£'000

 Merger reserve

£'000

Foreign Exchange reserve

£'000

Retained loss

£'000

Total

Equity

£'000

             
             

At 1 May 2014

8,093

50,703

(1,973)

-

(45,823)

11,000

Loss for the period

 -

 -

 -

  -

(3,585)

(3,585)

Other comprehensive income for the period

 -

 -

 -

              - 

 -

 -

Total Comprehensive income for the period

 -

 -

 -

 -

 (3,585)

 (3,585)

 

 

 

 

 

 

 

Issue of share capital

-

-

-

- 

-

-

Credit to equity for equity settled share based payments 

 -

 -

 -

 -

 8

 8

 At 31 October  2014 (unaudited)

 8,093

 50,703

 (1,973)

 -

 (49,400)

 7,423,

             
             

At 1 May 2015

8,905

54,738

(1,973)

116

(51,442)

10,344 

 Loss for the period

 -

 -

 -

 -

 (2,776)

 (2,776)

Other comprehensive income for the period

 -

 -

 -

 (37)

 -

 (37)

Total Comprehensive income for the period

 -

 -

 -

 (37)

 (2,776)

 (2,813)

 

 

 

 

 

 

 

Issue of share capital

-

-

-

-

-

-

Credit to equity for equity settled share based payments 

 -

 -

 -

 -

 -

 -

At 31 October 2015 (unaudited) 

8,905

 54,738

 (1,973)

 79

 (54,218)

 7,531


The accompanying notes form part of these financial statements.

CONSOLIDATED BALANCE SHEET (UNAUDITED)
31 October 2015

 

 

 

 

Note

 

As at 31 October 2015
(unaudited)
£'000

 

As at 31 October 2014
(unaudited)
£'000

 

As at 30 April 2015 (audited)
£'000

NON CURRENT ASSETS

 

 

 

 

 

 

 

Property, plant and equipment

 

 

3,126

 

1,511

 

2,546

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

Inventories

 

 

1,572

 

937

 

512

Trade and other receivables

 

 

5,137

 

1,229

 

4,113

Cash and cash equivalents

 

 

2,597

 

6,674

 

6,576

TOTAL CURRENT ASSETS

 

 

9,306

 

8,840

 

11,201

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

Trade and other payables

 

 

(4,859)

 

(2,840)

 

(3,295)

Provisions

 

 

(42)

 

(88)

 

(108)

TOTAL CURRENT LIABILITIES

 

 

(4,901)

 

(2,928)

 

(3,403)

 

 

 

 

 

 

 

 

NET CURRENT ASSETS

 

 

4,405

 

5,912

 

7,798

               

NET ASSETS

 

 

7,531

 

7,423

 

10,344

               

EQUITY

 

 

 

 

 

 

 

Called up share capital

3

 

8,905

 

8,093

 

8,905

Share premium account

 

 

54,738

 

50,703

 

54,738

Merger reserve

 

 

(1,973)

 

(1,973)

 

(1,973)

Foreign Exchange Reserve

 

 

79

 

-

 

116

Retained loss

 

 

(54,218)

 

(49,400)

 

(51,442)

TOTAL EQUITY

 

 

7,531

 

7,423

 

10,344


The accompanying notes form part of these financial statements.
 

CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
Results for the six months ended 31 October 2015

 

Six months ended 31 October 2015 (unaudited)
£'000

 

Six months ended 31 October
2014 (unaudited)
£'000

 

 Year ended 30 April 2015 (audited)
£'000

           

Loss from operations

(3,172)

 

(3,689)

 

(5,723)

Adjustments:

 

 

 

 

 

Depreciation of property, plant and equipment

264

 

314

 

592

Loss on disposal

-

 

-

 

87

Share-based payment expense

-

 

8

 

8

Operating cash flows before movements in working capital

 

(2,908)

 

 

(3,367)

 

 

(5,036)

 

(Increase)/decrease in inventories

 

(1,060)

 

 

(175)

 

 

250

(Increase) in receivables

(629)

 

(123)

 

(3,008)

Increase in payables

1,564

 

656

 

1,111

(Decrease) in provisions

(66)

 

(214)

 

(194)

Cash used in operations

(3,100)

 

(3,223)

 

(6,877)

Income taxes received

-

 

193

 

193

Net cash used in operating activities

(3,100)

 

(3,030)

 

(6,684)

Investing activities

 

 

 

 

 

Interest received

2

 

11

 

12

 

 

 

 

 

 

Purchases of property, plant and equipment

(844)

 

(70)

 

(1,470)

Net cash (used in) investing activities

(842)

 

(59)

 

(1,458)

Financing activities

 

 

 

 

 

Proceeds from issue of shares

-

 

-

 

4,847

Net cash from financing activities

-

 

-

 

4,847

           

(Decrease) in cash and cash equivalents

(3,941)

 

(3,089)

 

(3,295)

Cash and cash equivalents at the beginning of the period

 

6,576

 

 

9,763

 

 

9,763

Effect of foreign exchange rate changes

38

 

-

 

108

           

Cash and cash equivalents at the end of the period

2,597

 

6,674

 

6,576


Cash Burn
Cash burn is a measure used by key management personnel to monitor the performance of the business.

(Decrease) in Cash and Cash equivalents per the cash flow statement

(3,941)

 

(3,089)

 

(3,295)

Effect of foreign exchange rates

38

 

-

 

108

Less share issue proceeds

-

 

-

 

(4,847)

Cash Burn

(3,903)

 

(3,089)

 

(8,034)


The accompanying notes form part of these financial statements.

The condensed Interim Financial Statements were approved by the board of Directors on 28 January 2016

 Notes to condensed interim financial statements

1.  Basis of preparation of interim figures
The interim financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards (IFRSs) as adopted for use in the EU.  While the financial information included in this interim announcement has been compiled in accordance with the recognition and measurement principles of IFRSs, this announcement does not itself contain sufficient information to comply with IFRSs.  This interim financial information does not constitute statutory financial statements within the meaning of section 435 of the Companies Act 2006. The financial information for the six months ended 31 October 2015 and 31 October 2014 have been subject to an interim review in accordance with ISRE2410 by the company's auditors.  The information relating to the year ended 30 April 2015 has been extracted from the Group's published financial statements for that year, which contain an unqualified audit report, does not draw attention to any matters of emphasis, and did not contain statements under section 498(2) and 498(3) of the Companies Act 2006 and which have been filed with the Registrar of Companies.

The group's condensed interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union. The principle accounting policies adopted by the group are as applied in the Group's latest annual audited financial statements.

The financial statements have been prepared on the historical cost basis. The principle accounting policies adopted by the Group are as applied in the Group's latest audited financial statements.

Going concern
The directors announced today that the Company has raised £2.14 million before expenses, by way of a firm placing with institutional investors for 14,283,722 new ordinary shares, subject to shareholder approval ("the Placing") at an issue price of 15 pence per share ("the Issue Price"). In addition, the Company will offer up to 24,934,135 new ordinary shares (the "Offer Shares") for qualifying shareholders at the Issue Price potentially raising up to a further £3.74 million, subject to shareholder approval (the "Open Offer"). Whilst the passing of this resolution represents an uncertainty, the Directors are confident of a successful outcome on the basis of the binding commitments that have been provided by a number of key shareholders.

Furthermore, the Company has secured irrevocable undertakings from JCB Research, Peter Hargreaves, Graham Cooley and certain other investors to take up their Basic Entitlement under the Open Offer and to apply for Excess Shares under the Excess Application Facility to an aggregate value of £2.86 million (see Placing and Open Offer announcement for defined terms).

The total fundraising from the Placing and the Open Offer will amount to £5.00 million and could rise to £5.88 million subject to take up under the Open Offer.

The directors have prepared a cash flow forecast (the "Forecast") for the period to 31 January 2017 (the "Forecast Period").  The Forecast includes £4.6m  net proceeds from the equity fund raise together with a number of assumptions, including the level of projected sales and grant income, the timing of which is inherently uncertain.

Whilst the directors anticipate that the additional financing for working capital may be required in order to take advantage of the various opportunities which it is actively pursuing, based on the above, the Directors have a reasonable expectation that the Company and Group can continue to meet their liabilities as they fall due, for a period of not less than twelve months from the date of approval of this condensed set of financial statements. 

Accordingly, the financial statements have been prepared on a going concern basis.

2. Revenue, other operating income and Investment Income
Included in revenue are the following amounts, which each accounted for more than 10% of total revenue:

·      Customer A: £552,000

An analysis of the Group's revenue is a follows:

2015

£'000

2014

£'000

Continuing operations

 

 

Revenue from construction contracts

579

483

Consulting services

23

21

Maintenance services

27

16

Other

26

1

Revenue in the Consolidated Income Statement

655

521

Grant income

1,368

823

Investment income

2

11

 

2,025

1,355

 

REVENUES FROM MAJOR PRODUCTS AND SERVICES
The Group's revenues from its major products and services were as follows:

 

2015

£'000

2014

£'000

Continuing operations

 

 

Electrolyser platform sales

606

499

Consultancy

23

21

Other

26

1

Consolidated revenue (excluding investment revenue)

655

521


GEOGRAPHIC ANALYSIS OF REVENUE
A geographic analysis of the Group's revenue is set out below:

 

 

 2015

£'000

 2014

£'000

     

United Kingdom

600

158

Rest of Europe

55

16

North America

-

347

 

655

521


3.  Called up share capital

 

 

As at 31 October 2015

(unaudited)

 £'000

As at 31 October 2014

(unaudited)

£'000

As at 30 April 2015

(audited)

£'000

 

 

 

 

 

Called up, allotted and fully paid:

 

 

 

 

178,100,996  ordinary shares of 5p each

 

 

 

 

(Oct 2014: 161,864,536 Apr 2014: 178,100,996)

 

8,905

8,093

8,905


INDEPENDENT REVIEW REPORT TO ITM POWER PLC
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 October 2015 which comprises the consolidated income statement, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated cash flow statement and related notes 1 to 3. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board.  Our work has been undertaken so that we might state to the company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed.

Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by the directors.  The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules of the London Stock Exchange.

As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union.  The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting," as adopted by the European Union.

Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 October 2015 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the AIM Rules of the London Stock Exchange.

Deloitte LLP
Chartered Accountants and Statutory Auditor
Leeds, United Kingdom
28 January 2016

Published in News

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that the Company has raised £2.14 million before expenses, by way of a firm placing with institutional investors for 14,283,722 new ordinary shares at an issue price of 15 pence per share ("the Issue Price"). In addition, the Company will offer up to 24,934,135 new ordinary shares (the "Offer Shares") for qualifying shareholders at the Issue Price potentially raising up to a further £3.74 million before expenses (the "Open Offer"). In each case these capital raisings are subject to shareholder approval.

Furthermore, the Company has secured irrevocable undertakings from JCB Research, Peter Hargreaves, Graham Cooley and certain other investors to take up their Basic Entitlement under the Open Offer and to apply for Excess Shares under the Excess Application Facility to an aggregate value of £2.86 million.

The total fundraising from the Placing and the Open Offer will be a minimum of £5.00 million and could rise to £5.88 million subject to take up under the Open Offer.

The Open Offer provides an opportunity for all Qualifying Shareholders to participate in the fundraising by both subscribing for their respective Basic Entitlements and by subscribing for Excess Shares under the Excess Application Facility, subject to availability.

Pursuant to the Open Offer, Qualifying Shareholders will be given the opportunity to subscribe for 14 Open Offer Shares for every 100 Existing Ordinary Shares held on the Record Date.

Graham Cooley, CEO, commented: "At this time in the Company's development it is important that we have a strong balance sheet to support our commercial relationships and I am delighted that our existing shareholders have shown their commitment to the Company in this funding round. We are making an open offer of shares to existing shareholders at the same price as the placing giving all our existing shareholders an opportunity to participate."

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

ITM Power

Graham Cooley, CEO

+44 (0)114 244 5111

Zeus Capital

Dan Bate / Andrew Jones / Hugh Kingsmill Moore / Alex Davies

+44 (0)20 3829 5000

Tavistock

Simon Hudson / James Collins

+44 (0)20 7920 3150


Placing to raise £2.14 million ("the Placing") and Shareholder Open Offer to raise up to approximately £3.74 million (the "Open Offer")

The Company announces today that it proposes to undertake a Firm Placing to raise £2.14 million (before expenses) together with an Open Offer to raise up to £3.74 million (before expenses), in each case through the issue of New Ordinary Shares at an issue price of 15 pence per New Ordinary Share.

The Issue Price represents a discount of 17.81 per cent. to the Closing Price on the Latest Practicable Date. Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. It is expected that Admission will occur on 17 February 2016. The Firm Placing and the Open Offer are conditional, inter alia, on the passing of the Resolutions at the General Meeting.

Overview of ITM
ITM manufactures integrated hydrogen energy solutions which offer rapid response and high pressure delivery designed to meet the requirements for grid balancing and energy storage services, and for the production of clean fuel for transport, renewable heat and chemicals. The Group operates through two divisions:

(a)     power to gas energy storage: the Group's 'Power-to-Gas' model is a commercial proposition which offers utility companies energy storage options. ITM provides grid balancing services, converting excess energy in the power network into hydrogen for injection into the gas network.

ITM delivered the world's first Proton Exchange Membrane Power-to-Gas plant in 2013 and supplied a second Power-to-Gas system to RWE in 2015. The Group has contracts with National Grid and a technology collaboration with AEG.

In November 2015, ITM announced completion of the Phaedrus project, a European Union Joint Technology Initiative funded project. The Group was engaged to design an all-electrochemical hydrogen refuelling station, including on-site production by electrolysis; and

(b)     clean fuel: the Group's refuelling model incorporates the work of national hydrogen infrastructure initiatives to support the growth of hydrogen as a transport fuel, for use in cars and buses initially, with further transport applications in the future. ITM signed a siting agreement with Shell in September 2015, a siting agreement with Arup in December 2015 and a fuel contract with Toyota in October 2015.

The Group has won contracts to supply on-site hydrogen generation equipment for refuelling in both the UK and California, building nine stations in the UK and two in the US. In 2015 ITM launched the Group's first public access hydrogen refuelling station and received the UK's first Toyota Mirai, a fuel cell electric vehicle.

In March 2015 the Company received a strategic investment of £4.9 million from J.C.B. Research and Valebond Consultants Limited (a company wholly owned by Jo Bamford, and together with J.C.B. Research for the purposes of this Circular, ("JCB")), to fund working capital and projects under contract. JCB is the world's third largest construction equipment manufacturer by volume.

Background to and reasons for the Firm Placing and the Open Offer and use of proceeds

ITM currently has £9.01 million of projects under contract and a further £8.66 million in the final stages of negotiation (£17.67 million in total). A number of these projects are commercial agreements and require upfront expenditure, with corresponding income typically received towards the end of the agreement, providing a working capital shortfall during the earlier stages of the contract.

Cash flow remains a key consideration for the Board, and the presiding financial objective for ITM is the achievement of a positive cash flow in the medium term. Short term cash flow is aided by the Group quoting for sales with upfront payments, reducing the working capital outlay of commercial projects. Cash outflow is also enhanced through working with, and receiving support from, partners, on the development of technology.

The Directors intend to use the proceeds of the Firm Placing and the Open Offer to:

●       generate working capital to support the project order book;

●       achieve a positive cash flow position; and

●       strengthen the Company's balance sheet, to assist in meeting tender requirements.

Current trading and outlook
The Company today will announce its interim results for the six month period to 31 October 2015.

Details of the Firm Placing and the Open Offer
The Directors have given careful consideration as to the structure of the proposed fundraising and have concluded that the Firm Placing and the Open Offer is the most suitable option available to the Company and its Shareholders at this time.

14,283,722 Firm Placed Shares will be issued through the Firm Placing at 15 pence per New Ordinary Share to raise gross proceeds of £2.14 million. Up to 24,934,135 New Ordinary Shares will be issued through the Open Offer at 15 pence per New Ordinary Share (to raise gross proceeds of up to approximately £3.74 million (assuming full take-up under the Open Offer).

Principal terms of the Firm Placing
The Company is proposing to issue 14,283,722 Firm Placed Shares pursuant to the Firm Placing. In accordance with the terms of the Firm Placing and Open Offer Agreement, Zeus Capital has, as agent for the Company, conditionally placed, with institutional and other investors, the Firm Placed Shares at the Issue Price to raise approximately £2.14 million.

The Firm Placed Shares are not subject to clawback and are not part of the Open Offer.

Principal terms of the Open Offer
The Board considers it important that Qualifying Shareholders have the opportunity to participate in the fundraising, and the Directors have concluded that the Open Offer is the most suitable option available to the Company and its Shareholders.

The Open Offer provides an opportunity for all Qualifying Shareholders to participate in the fundraising by both subscribing for their respective Basic Entitlements and by subscribing for Excess Shares under the Excess Application Facility, subject to availability.

Pursuant to the Open Offer, Qualifying Shareholders will be given the opportunity to subscribe for 14 Open Offers Share for every 100 Existing Ordinary Shares held on the Record Date.

The Open Offer will raise gross proceeds of up to approximately £3.74 million, assuming full take-up.

The Issue Price represents a 17.81 per cent. discount to the Closing Price of 18.25 pence per Ordinary Share on the Latest Practicable Date.

The Company has agreed to pay Zeus Capital a commission based on the aggregate value of the Open Offer Shares taken up by Qualifying Shareholders.

Basic Entitlement
Qualifying Shareholders are invited, on and subject to the terms and conditions of the Open Offer, to apply for any number of Open Offer Shares (subject to the limit on the number of Excess Shares that can be applied for using the Excess Application Facility) at the Issue Price. Qualifying Shareholders have a Basic Entitlement of:

14 Open Offer Shares for every 100 Existing Ordinary Shares

registered in the name of the relevant Qualifying Shareholder on the Record Date.

Basic Entitlements under the Open Offer will be rounded down to the nearest whole number and any fractional entitlements to Open Offer Shares will be disregarded in calculating Basic Entitlements and will be aggregated and made available to Qualifying Shareholders under the Excess Application Facility.

The aggregate number of Open Offer Shares available for subscription pursuant to the Open Offer will not exceed 24,934,135 New Ordinary Shares.

Effect of the Firm Placing and the Open Offer
Upon completion of the Firm Placing and the Open Offer, the New Ordinary Shares will represent approximately 18.05 per cent. of the Enlarged Share Capital (assuming the Open Offer is subscribed in full).

Related party transactions

Participation of certain Directors in the Open Offer
Dr Graham Cooley, J.C.B. Research and Valebond Consultants Limited intend to participate in the Open Offer. Robert Pendlebury is an associate (for the purposes of Rule 13 of the AIM Rules for Companies) of J.C.B. Research.

Accordingly, Dr Graham Cooley, Peter Hargreaves and Robert Pendlebury are considered as related parties of the Company and their participation in the Open Offer is considered a "related party transaction" under the AIM Rules for Companies.

The Directors (other than Dr Graham Cooley, Peter Hargreaves and Robert Pendlebury) consider, having consulted with the Company's Nominated Adviser, Zeus Capital, that the terms of participation for Dr Graham Cooley, and J.C.B. Research in the Open Offer are fair and reasonable in so far as its Shareholders are concerned.

Irrevocable voting commitments from certain Directors and certain major Shareholders
Directors and certain major Shareholders, who in aggregate hold 32,520,634 Existing Ordinary Shares, representing approximately 18.26 per cent. of the Existing Issued Share Capital, have irrevocably undertaken to vote (and where such Existing Ordinary Shares are registered in the name of any other persons have irrevocably undertaken to use reasonable endeavours to procure that those persons will vote) in favour of the Resolutions at the General Meeting.

Recommendation and voting intentions
The Directors believe that the Firm Placing and the Open Offer are in the best interests of the Company and its Shareholders as a whole.

Accordingly, the Directors unanimously recommend that you vote in favour of the Resolutions as they and Shareholders connected with them intend to do so in respect of their aggregate beneficial holdings of the Existing Issued Share Capital.

The Company is in receipt of undertakings from Directors and certain major Shareholders to vote in favour of the Resolutions representing not less than 18.26 per cent. of the Existing Issued Share Capital.

Terms in this announcement which are not defined herein shall have the same meanings as in the Circular to Shareholders of the Company dated 29 January 2016. 

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

Record Date for entitlement to participate in the Open Offer

5.00 p.m. on 26 January 2016

Announcement of the Firm Placing and the Open Offer and despatch of the Circular, the Form of Proxy and, to certain Qualifying Non-CREST Shareholders, the Application Form

29 January 2016

Expected ex-entitlement date for the Open Offer

8.00 a.m. on 29 January 2016

Basic Entitlements and Excess CREST Open Offer Entitlements credited to CREST stock accounts of Qualifying CREST Shareholders

1 February 2016

Recommended latest time and date for requesting withdrawal of Basic Entitlements and Excess CREST Open Offer Entitlements from CREST

4.30 p.m. on 9 February 2016

Latest time for depositing Basic Entitlements and Excess CREST Open Offer Entitlements into CREST

3.00 p.m. on 10 February 2016

Latest time and date for splitting Application Forms (to satisfy bona fide market claims only)

3.00 p.m. on 11 February 2016

Latest time and date for receipt of Forms of Proxy for the General Meeting

11.30 a.m. on 12 February 2016

 

Latest time and date for receipt of completed Application Forms and payment in full under the Open Offer or settlement of relevant CREST instruction (as appropriate)

11.00 a.m. on 15 February 2016

General Meeting

11.30 a.m. on 16 February 2016

Result of Open Offer announced through RNS

16 February 2016

Admission of the New Ordinary Shares to trading on AIM

8.00 a.m. on 17 February 2016

New Ordinary Shares in uncertificated form expected to be credited to accounts in CREST (uncertificated holders only)

as soon as practicable after 8.00 a.m. on 17 February 2016

Expected date of despatch of definitive share certificates for the New Ordinary Shares in certificated form (certificated holders only)

by 27 February 2016


1)     The ability to participate in the Open Offer is subject to certain restrictions relating to Qualifying Shareholders with registered addresses or located or resident in countries outside the UK (particularly the Excluded Overseas Shareholders. Subject to certain exceptions, Application Forms will not be despatched to, and Open Offer Entitlements will not be credited to the stock accounts in CREST of, Shareholders with registered addresses in any of the Restricted Jurisdictions.

2)     Each of the times and dates set out in the above timetable and mentioned in this document is subject to change by the Company (with the agreement of Zeus Capital Limited), in which event details of the new times and dates will be notified to the London Stock Exchange and the Company will make an appropriate announcement to a Regulatory Information Service.

3)     References to times in this document are to London times unless otherwise stated.

4)     Different deadlines and procedures for applications may apply in certain cases. For example, if you hold your Ordinary Shares through a CREST member or other nominee, that person may set an earlier date for application and payment than the dates noted above.

5)     Assumes that resolutions 1 and 3 of the Resolutions that are set out in the Notice of General Meeting are passed.

6)     If you require assistance please contact Capita Asset Services on 0371 664 0321. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. The helpline is open between 9.00 a.m. - 5.30 p.m., Monday to Friday excluding public holidays in England and Wales. Please note that Capita Asset Services cannot provide any financial, legal or tax advice and calls may be recorded and monitored for security and training purposes.

Published in News

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that following planning approval for a Solar Hydrogen Refuelling Station (SHRS) at The Centre for Engineering and Manufacturing Excellence (CEME), it has signed a memorandum of understanding with CEME.

ITM Power and CEME have agreed to collaborate to bring together FCEV owners, public sector bodies, academic institutions, training providers and industry partners to develop a major hydrogen training and information initiative on the campus at CEME.

ITM Power currently has £11.5m of projects under contract and a further £8.7m in the final stages of negotiation (£20.2m in total).

The H2CEME initiative will have the following strategic objectives:

·      Development of a FCEV Maintenance Training Centre

·      Development of a Hydrogen Fuel and FCEV Research Institute

·      A base for ITM Power's Hydrogen Refuelling Station (HRS) maintenance team in London

·      Development of a FCEV Car Club

·      Study to demonstrate electrolyser/PV solar integration

·      Hydrogen Education Workshops in collaboration with Arcola Energy

·      Upgrade of the Electrolyser to increase capacity of the SHRS

The H2CEME initiative builds on the expertise that ITM Power has developed in safety and compliance.  ITM Power currently holds the following positions:

•    Secretary of the British Compressed Gases Association Technical Sub-Committee 9, preparing code of practice 41 for hydrogen refuelling stations.

•    Chair of the British Standards Institute (BSI) PVE/3/8 mirroring the work of ISO Technical Committee (TC) 197 (Hydrogen Technologies) in the UK;

•     Leader of the UK delegation to ISO TC 197;

•     Secretary to ISO TC 197 Working Group (WG) 24 on hydrogen fuelling stations;

•     UK experts to ISO TC 197 working groups for electrolysers, dispensers and hydrogen quality;

•    UK expert to the Comité Européen de Normalisation (CEN) TC 268, WG5, preparing standards to be harmonised to the European Directive 2014/94/EU on the deployment of alternative fuels infrastructure.

In early 2016 ITM Power will install a Solar Hydrogen Refuelling Station (SHRS) at CEME. The station will be deployed as part of the HyFive project and will open shortly afterwards. The HyFive project is funded by the Fuel Cells and Hydrogen Joint Undertaking.

Dr Graham Cooley, CEO, ITM Power, commented: "CEME is a world class organisation and we are delighted that they share ITM Power's vision to develop a hydrogen hub. We look forward to working with CEME toward this exciting common goal."

Bill Williams, CEO, CEME, commented: "It is very exciting that CEME, London's Centre for Engineering and Manufacturing Excellence and ITM Power are setting out our partnership ambitions which are entirely in keeping with London's ambition to be a leader in the deployment of these technologies."

ITM Power plc

Graham Cooley, CEO

+44 (0)114 244 5111

Zeus Capital

Dan Bate / Andrew Jones / Hugh Kingsmill Moore

+44 (0)20 3829 5000

Tavistock

Simon Hudson / James Collins

+44 (0)20 7920 3150

CEME

Bill Williams, CEO

+44 (0)207 596 5400

London Communications Agency

Chris Madel

+44 (0)207 612 8480


About ITM Power plc:
ITM Power manufactures integrated hydrogen energy solutions which are rapid response and high pressure that meet the requirements for grid balancing and energy storage services, and for the production of clean fuel for transport, renewable heat and chemicals.  ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and is a founder member of the Social Stock Exchange. The company received £4.9m as a strategic investment from JCB in March 2015. The company signed a forecourt siting agreement with Shell in September 2015 and a fuel contract with Toyota in October 2015. The Group currently has £11.5m of projects under contract and a further £8.7m in the final stages of negotiation (£20.2m in total).

www.itm-power.com

About CEME:
The Centre for Engineering and Manufacturing Excellence (CEME) is a stunning world-class research, business support, skills and education campus located in East London with a focus on supporting the engineering, manufacturing and technology sectors.  The CEME Campus is situated on the A13 in Rainham, close to both Canary Wharf and the M25. Part of a £400m regeneration programme in East London, CEME was established in 2003 to provide skills, create jobs and businesses that are revitalising London's industrial heartland. CEME is a UK registered charity and part of the London Thames Gateway Regeneration Scheme working in collaboration with public and private sector partners.

www.ceme.co.uk

About the Fuel Cells and Hydrogen Joint Undertaking (FCH JU)
The research leading to these results has received funding from the European Union's Seventh Framework Programme (FP7/2007-2013) for the Fuel Cells and Hydrogen Joint Technology Initiative under grant agreement n° 621219.

HyFive is an ambitious £31 million European project involving leading motor manufacturers, hydrogen fuel suppliers, the Mayor of London's Office and energy consultancies to deploy fuel cell vehicles and hydrogen refueling stations in three clusters across Europe to make hydrogen vehicles a viable choice for motorists in Europe.

·      The Fuel Cells and Hydrogen Joint Undertaking (FCH JU) is a unique public private partnership supporting research, technological development and demonstration activities in fuel cell and hydrogen energy technologies in Europe. Its aim is to accelerate the market introduction of these technologies, realising their potential as an instrument in achieving a carbon-lean energy system.

·      Fuel cells, as an efficient conversion technology, and hydrogen, as a clean energy carrier, have a great potential to help fight carbon dioxide emissions, to reduce dependence on hydrocarbons and to contribute to economic growth. The objective of the FCH JU is to bring these benefits to Europeans through a concentrated effort from all sectors.

·      The three members of the FCH JU are the European Commission, fuel cell and hydrogen industries represented by the NEW Industry Grouping and the research community represented by Research Grouping N.ERG

·      The HyFIVE demonstration project has been funded with €18 million from the FCH JU and €20 million from the industrial partners.

·      Leading the way in tackling air quality, the Mayor has already brought in a programme of improvements, including hybrid buses and plans for an Ultra Low Emission Zone by 2020 which intends to restrict central London to those vehicles that have zero or near-zero tailpipe emissions. Hydrogen vehicles and the mass market of hydrogen cars is a big part of that plan 

Published in News

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ITM POWER HEAD OFFICE
22 Atlas Way
Sheffield
S4 7QQ
+44 (0)114 244 5111

Investor Relations


TAVISTOCK COMMUNICATIONS
Simon Hudson
1 Cornhill
London
EC3V 3ND
+44(0) 20 7920 3150

ITM Power is a public limited company registered in England and Wales. Company Number 05059407