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ITM Power

19 Jul 2012 08:07:14

Final results and firm placing



ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce final results for the year ended 30 April 2012.

Introduction
In a world in which fossil fuel energy is becoming ever more scarce and expensive and countries are struggling to meet their carbon reduction obligations, hydrogen solutions have finally reached the top of energy agendas
- European hydrogen car roll outs to start approximately two years early with Hyundai in 2013, followed by Mercedes in 2014 and almost every other major manufacturer in 2015
- Requirements for hydrogen refuelling stations are being addressed now – in the UK with UK H2Mobility and in Germany with its equivalent, larger programme
- Increasing size of installed base of intermittent renewable power generation worldwide means that energy storage is now seen as essential.

ITM Power is at the heart of initiatives and programmes to adopt hydrogen technology to reduce carbon footprints and reduce energy costs and, using its technology and knowhow, is aiming to be a world leading supplier of both:
- Infrastructure products for the production of green hydrogen transport fuel; and
- Products for the production and storage of hydrogen fuel from unpredictable renewable energy sources.

Highlights

Clean fuel:
- Achievement of CE marking and regulatory approval of HFuel for the German market
- HFuel cost structure lower than EU hydrogen cost targets for 2015
- UKH2Mobility MoU signed with the UK government
- £2.3m of TSB funding for the EcoIsland project, £1.3m direct to ITM Power
- Agreement with M&S to deliver the UK’s first hydrogen fuel cell, materials handling trial
- Product development agreement with Boeing
- Partnership agreement with GHR (IMI) to address the German market

Energy storage:
- Launched megawatt scale energy storage plant
- TSB grant to investigate the feasibility of injecting hydrogen into the UK gas grid
- Achievement of CE marking for HBox Solar

Financials and corporate
- First significant revenues of £480,000 (2011: £8,000)
- Grant funding of £985,000 recognised in the period (2011: £1,088,000)
- New grant project awards of £2,734,000 (2011: £942,000)
- A further £1,200,000 of EU grants in negotiation
- Pre-tax loss for the period was £6.5m (2011: £6.4m)
- Cash and short-term deposits at 30 April 2012 £6.6m (30 April 2011: £12.2m)
- Decrease in cash and cash equivalents of £10.6m (2011: £4.8m), of which £5.0m was placed on term deposit
- Dr Charles Johnstone appointed as Director of Engineering

Outlook
- Outlook positive with early revenue streams developing
- Grant funded project consortia are developing productive relationships

Prof Roger Putnam, chairman of ITM Power commented: “From a platform of commercially launched electrolyser products, ITM Power has successfully positioned itself to address the clear commercial opportunities within energy storage and clean fuel generation from renewable power. Our work to build key relationships has placed ITM Power at the heart of the two initiatives, UK H2Mobility and EcoIsland, which will define the deployment of hydrogen fuel and energy systems in the UK.”

Firm placing of 10,000,000 placing shares and open offer of up to 7,797,621 open offer shares at an issue price of 50 pence per new ordinary share
ITM Power, also announces that it has raised £5 million before expenses through the issue of 10,000,000 new ordinary shares by way of a firm placing to certain institutional investors and Peter Hargreaves, a non-executive director, at 50 pence per new ordinary share (which represents no discount or premium to the closing price of 50p on 18 July 2012) by Singer Capital Markets. The company intends to issue up to a further 7,797,621 new ordinary shares to be issued by way of an Open Offer at 50 pence per new ordinary share.

For further information, please contact us.


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