ITM Power completes fundraising as revenues retreat

6th Aug 2013 14:44

Fuel cell developer ITM Power has completed a 2.0m-pound fundraising at a moderate discount in order to advance its key projects. The Aim company announced the 35p-priced institutional placing on the day of its final results, which showed revenues had collapsed from £480,000 to £87,000.The company said the decrease was due to delays experienced in commissioning and deployment of products at customer premises.ITM lost £6.1m pre-tax and had £5.9m in cash left in the coffers at the period end.The key point for Chief Executive Officer Graham Cooley was that the company had secured a key sale of its headline product - a Power-to-Gas energy storage plant in Germany and was the preferred supplier for the supply of a refuelling station at the headquarters of Hyundai in California. "These are significant milestones in the company's development and demonstrate the commerciality of these two products and markets," he said. Almost £0.5m of the raised funds will soon be spent by the company in its joint research with The Carbon Trust examining ITM's technology in the field of electric vehicles.In its clean fuel division, ITM has also begun constructing a smart grid linked hydrogen refuelling station on the Isle of Wight and is the supplier of hydrogen refuelling plant to Boeing's Unmanned Aerial Vehicle program.Chairman Roger Putnam added: "This year has seen clear and accelerating momentum within the industry. I do not doubt that ITM Power is well positioned to address the sizeable commercial opportunities within the energy storage and clean fuel generation from renewable power markets."Shares in ITM Power were down 0.7% to 37p at 15:59 on Tuesday.OH