Final Results for the Year to 30 April 2016

29th July 2016
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Final Results for the Year to 30 April 2016
Strong commercial progress in growing markets

ITM Power (AIM: ITM), the energy storage and clean fuel company, announces its preliminary results for the year ended 30 April 2016. The Company currently has £15.81m of projects under contract and a further £0.51m of contracts in the final stages of negotiation constituting a total pipeline of £16.32m.

Commercial progress in the year
Clean fuel
– Strategic Forecourt Siting Partnership with Shell to deploy on Shell forecourts
– Hydrogen Fuel Contract with Toyota
– Hydrogen Refuelling and Siting Agreement with BOC Linde to evaluate existing BOC sites
– €4m grant from €32m H2ME project for European Hydrogen Refuelling Station deployment
– Launched M1 Refuelling station coupled directly to renewables
– Deployment of City of Riverside Hydrogen Refuelling Station (HRS) in California
Energy storage
– €2m grant from €9m “Big Hit” for a 1.5 MW Electrolyser Deployment
– €2.75m Electrolyser System Cost Reduction Grant
– £1.0m order received of first 1MW sale to ZEAG Energie AG
– Launched RWE Power-to-Gas Energy Storage System in Germany
– Memorandum of Understanding (MoU) with Good Energy to Explore Green Energy Tariffs
– MoU with Arup to collaborate on hydrogen energy and fuel systems
– MoU with CEME to develop a hydrogen hub in East London
– Agreement with Symbio FCell and Arcola Energy
– Nominated for prestigious Hermes award for HGas product
Commercial progress since year end
– A further £1.44m of products under contract secured since year end (2015: £1.98m)
– £0.507m of contracts in final stages of negotiation (2015: £0.363m)
– €1.5m HRS sale to HDF, first refuelling sale in France
– Launched first London HyFive HRS in Teddington
– €5m grant from €35m H2ME2 European Hydrogen refuelling station deployment

Key financial results for the year ended 30 April 2016
– Total Revenue & Grant Funding of £8.185m (2015: £5.061m) up 56%, comprising;
o Revenue – £1.930m (2015: £1.635m) up 18%
o Grant income – £3.188m (2015: £1.777m) up 80%
o Grants receivable for capital projects – £3.069m (2015: £1.649m), up 86%
– Increase in property, plant and equipment to £3.024m (2015: £2.576m), up 17%
– Loss from operations £4.359m (2015: £5.723m), down 21%
– Cash balance £3.336m (2015: £6.576m), down 49%
– Debtors balance of £6.487m (2015: £4.113m), up 58%
– Development costs of £0.252m capitalised in the year (2015: nil)

Technical achievements
– Reduced full system cost by 25% and footprint by 35%
– MW scale system prices now <€1,000/kW
– Full system cost reduction to less than EU target for 2020
– PEM systems now competing with alkaline on price
– Thüga Plant qualifies for the Primary Balancing Market in Germany
– Standard electrolyser system pre-qualified for Enhanced Frequency Response by National Grid
– Demonstrated full system turn on in 800ms and turn off in 140ms
– HGas build time reduced by two weeks by improved supply
– Shop floor processes defined to enable production and testing of 50 units per year & modifications underway

Corporate development
– Dr Rachel Smith joins the board as Executive Director in September 2015.
– Appointment of Nordic/Scandinavian Business Development Manager to develop area – Kristoffer Olsen CFA
– Appointment of Roth Capital to represent ITM Power in the USA capital markets
– £5.8m funding secured for working capital

The Annual General Meeting will be held on 15 September 2016 at 10:30am at the offices of Burges Salmon, 6 New St Square, London EC4A 3 BF.

Graham Cooley, CEO, commented: “Our markets are undoubtedly growing, our products are best in class and we have positioned ourselves at the heart of global efforts to decarbonise fuel and energy.

“By the end of 2016, we will own and operate a growing portfolio of hydrogen refuelling stations – ahead of the many launches of FCEVs expected next year. We also have two working Power-to-gas reference plants in Germany that are already attracting attention from utilities around the world. I am excited about the outlook and, as always, grateful to our talented team for making our successes happen.”

Roger Putnam, Chairman, added: “ITM Power has a growing commercial pipeline of leading refuelling and energy storage products to deliver to more and more customers around the world, and is well placed to continue its growth in a market that is becoming more and more established. This is in no small part down to the dedication of our people over the last few years.”

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; signed a forecourt siting agreement with Shell in September 2015 and a fuel agreement with Toyota in October 2015. The Company currently has £15.81m of projects under contract and a further £0.51m of contracts in the final stages of negotiation constituting a total pipeline of £16.32m.

Rebecca Markillie
Marketing & Communications
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