ITM Power (AIM: ITM), the energy storage and clean fuel company, reports on the potential impact of the Brexit decision on upcoming pipeline, and seeks to reassure investors over existing forecasts in the market.
To reflect the increased risk associated with items in the final stages of negotiation and not yet contracted, ITM Power has revised its pipeline figure, removing £3.47m from the items in the final stages of negotiation. This means that the Company currently has £17.67m of projects under contract and a further £1.18m of contracts in the final stages of negotiation constituting a total pipeline of £18.85m.
The resultant reduction in pipeline is not expected to impact the Company's expectations for the year ending 30 April 2017.
ITM Power also note that the pipeline is reliant on deals placed in currencies other than £GBP, and that greater currency volatility could impact the contract pipeline in the near term.
ITM Power plc
Graham Cooley, CEO
+44 (0)114 244 5111
Dan Bate / Andrew Jones / Hugh Kingsmill Moore / Alex Davies
+44 (0)20 3829 5000
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; signed a forecourt siting agreement with Shell in September 2015 and a fuel agreement with Toyota in October 2015. The Company currently has £17.67m of projects under contract and a further £1.18m of contracts in the final stages of negotiation constituting a total pipeline of £18.85m.