ITM Power, the energy storage and clean fuel group, has released financial results for the year ended 30thApril (2019).
The UK-based company reported total revenue and grant funding of £17.5m, an increase of 25% from the previous year, and sales revenues of £4.6m, up 40%.
Loss of operations totalled £9.3m, an increase of 44%, EBITDA loss of £7.5m increased 56% due to investment in scaling up facilities, resources and production capacity.
ITM Power also announced £52m minimum equity fundraising, subject to shareholder approval including a:
- £38m cornerstone investment from new strategic partner Linde Engineering
- £14m firm placing with certain existing and new institutional investors – open offer of up to approximately £6.8m
ITM Power’s hydrogen fuel contracts now total to 33, with an increase of fuel sales to 32 tonnes, up 100%.
Graham Cooley, ITM Power CEO, commented, “ITM Power continued to deliver strong growth with revenues up 25% year on year. The group has benefited from the lessons learned in deploying units above 1MW for the first time, including in harsh environments and difficult operating conditions.”
“This delivers significant competitive advantage for future deployments as we scale up and standardise our products. We’ve also been learning how to maximise value from our growing portfolio of revenue generating assets in the shape of the first real hydrogen refuelling network in the UK.”
Roger Putnam, ITM Power Chairman said, “I am pleased to report our plans for expansion of staff and production capacity are on track. The next year will be a period in which we transition to our much larger new factory.”
“We welcome the Committee for Climate Change report’s aspirations to make the UK zero emissions by 2050 and its recognition the PEM electrolysis will be an integral part of the new energy mix. As always, I would like to thank our staff for another year of hard work and enthusiastic dedication to our business ambition to help decarbonise the world’s energy markets.”