ITM Power releases strong 2019 results

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:

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