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ITM Power

26 Jul 2011 08:07:40

ITM Power: final results



ITM Power, the energy storage and clean fuel company, is pleased to announce its results for the year ended 30 April 2011.

HIGHLIGHTS:

Products
• Achievement of CE marking for the HPac, HFlame and HBox products
• First product sale and field trial of HPac with the University of Birmingham
• First HFlame field trial with Ametek Airtechnology Group Ltd
• First sale of an HFuel production module to the University of Glamorgan
• Post-period orders of £0.43m, to date, well ahead of expectations

HOST
• Achievement of HFuel compliance with the Department for Transport
• Achievement of Euro VI Emissions for the HICE Transit Vans used in the HOST programme
• Commencement of HOST programme with 21 commercial partners
• First four trials with London Stansted, DHL, AMEY and Volker Highways now completed
• HFuel product achieved 100% availability and an average efficiency of 64%
• HOST demonstrated that HFuel can be operated on-site and achieve parity with petrol in the UK

Financials
• Net cash-burn £4.8m (£4.9m 2010)
• Cash at 30 April 2011 £12.2m (£16.9m 2010)
• £1.09m of income from funding bodies booked in the period, of which £0.41m related to property, plant and equipment
• Grants from Technology Strategy Board and Carbon Trust
• A further £0.82m in grant funding has been secured

Technology development
• Achievement of the highest recorded power density for a PEM fuel cell MEA, in excess of 5.5 W/cm2 using oxygen and in excess of 2.1 W/cm2 using air
• HydroGen platinum-free alkaline electrolyte PEM electrolyser technology has now been scaled up and incorporated into an HPac system and is showing good early performance

Corporate
• Appointment of company agent in Germany, the key early market for hydrogen technologies
• Established ITM-Power GmbH, a wholly-owned subsidiary in July 2011
• Appointment of The Rt. Hon. Lord Freeman PC as non-executive director

Outlook
• Outlook positive with early revenue streams developing
• Adoption of hydrogen in many applications accelerating
• Product orders of £0.43m in the three months since the year end
• Good progress in developing commercial relationships in Germany

Prof Roger Putnam, chairman of ITM Power commented: "I am pleased to be reporting further significant progress made by the company in the second half of the year. The list of highlights does not fully reflect the huge effort made by the management team and staff during the past 12 months. The technical and scientific achievements made this year are a clear demonstration of the skills and knowledge of the team. Our first products were very well received at the Hannover Messe in April when the company received a great deal of industry attention. We are now building the resulting commercial relationships."

The full results and annual report will be available later this week on our website. For further information please contact us.


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