This must be the share of the future...........A co with 15 employees mostly Boffins with a unique product under development that has massive potential in the alternative energy sector
My only regret is that I watched the sp rocket from 11op to 210p before getting into the nose cone

Directorate Change

ITM Power (AIM: ITM), the energy storage and clean fuel company, announces that Peter Hargreaves, a Non-executive director since 2003, has notified the Company of his intention to step down from the Board with effect from 31 October.

more.....

Hydrogen heads roll but investors spot hope on horizon

sulomo - 30 Oct 2017 - 06:32 - 24284 of 24294 - 2
Here's the relevant bit from yesterday's Financial Times...

But there are more hopeful signs for the hydro-heads elsewhere. Sheffield-based ITM Power has been quietly building a global market in hydrogen technology, making electrolysers that convert electricity to hydrogen. The gas can then be used in fuel cells to power vehicles. It isinstalling filling stations in the UK withShell.

While carmakers have been slower to produce hydrogen models than electric ones, bus companies and even hauliers, which return to a fixed point, are beginning to embrace it. Compared with electric motors, the range is better and refuelling — around six minutes — quicker, says Graham Cooley, chief executive of ITM.

Electrolysers reduce the climate impact of making the gas. Creating a ton of hydrogen by traditional methods creates 12-16 tonnes of carbon dioxide. Using renewable electricity cuts that to zero. But the bigger prize is the decarbonisation of oil refineries and the chemical industry. They have to “crack†oil to release its useful parts, which takes huge amounts of energy and hydrogen.

ITM last month agreed with Shell to install a 10MW electrolyser — the world’s biggest of its type — at a German refinery. It would need 1,000MW to produce the 180,000 tonnes of hydrogen used annually by the plant in the Rhineland.

“Adoption is coming fast now,†says Mr Cooley, who points to a £37m order pipeline, more than half from overseas. “The numbers show the uptake in the market. I have no doubt we are on the cusp of a complete energy transformation.†Some investors appear to be converted. In October, ITM raised £29.4m, with some institutions which had sold their holdings in the past rejoining the register. “This is not development capital any more. It is working capital for expansion,†says Mr Cooley.

Birmingham City Council Approves £13.4m Pilot Scheme for 20 hydrogen-fueled buses

Trading Update

Trading and Operations Update
Deal pipeline increased by £5.9m in the past two months

ITM Power (AIM: ITM), the energy storage and clean fuel company, announces an update on trading and operations for the period since the announcement of its successful placing and open offer on 29 September 2017. The Company maintains its focus on increasing commercial sales and currently has £20.2m of projects under contract and a further £22.4m of contracts in the final stages of negotiation. The total of £42.6m is an increase of £5.9m in the two months since the placing and open offer announcement.

Products in Build
ITM Power continues to process its current order book. Today, the Company has 12 units within its manufacturing facility in Sheffield which are either in build, undergoing factory acceptance testing or ready for shipment. An additional five units are being commissioned in the field ahead of coming online. Altogether, these 17 units constitute over 5MW of installed capacity. The production plan starting in 2018 already exceeds 15MW of capacity.

In line with the Company's growth strategy and manufacturing plans, the order backlog and opportunity pipeline demonstrates a clear trend towards bigger unit sizes and larger scale industrial applications. The backlog is also reflective of the Company's focus on commercial sales and shift away from its previous reliance on grant income. In order to accommodate the increased numbers and size of units in production, Heads of Terms are being negotiated for a relocation to a larger facility which will accommodate all functions of the Company.

Power-to-Gas; Energy Storage
The National Grid HyDeploy project is well underway and excellent progress has been made across the programme. The HyDeploy project seeks to address a key issue for the UK, namely how to reduce the carbon footprint as a result of heating homes. The UK has a world class gas grid delivering heat conveniently and safely to over 83% of homes. Emissions could be reduced by lowering the carbon content of gas through blending with hydrogen. HyDeploy is a Network Innovation Competition (NIC) funded project which aims to establish the level of hydrogen that can be safely blended with natural gas for transport and use in the UK gas network.

ITM Power has started work examining the potential deployment of large-scale Power-to-Gas energy storage within the boundaries of the Northern Gas Networks gas distribution system. The work, funded by the Department for Business, Energy and Industrial Strategy (BEIS) as part of the Energy Storage Feasibility Study Competition launched in January 2017, will be completed in Q1 2018.

BEIS is also undertaking a £25 million project to explore the potential use of hydrogen gas for heating UK homes and businesses. The project will run from 2017 to 2021 and will aim to define a hydrogen quality standard, and to explore, develop and test domestic and commercial hydrogen appliances.

Hydrogen Refuelling Station (HRS) Deployment
ITM Power has a total HRS portfolio today of 12 funded refuelling stations which it owns. Five stations are open to the public: Riverside (US), AMP (Rotherham), NPL (London), CEME (London) and Cobham (London). A further five HRS are in construction: Birmingham (bus HRS), Orkney (Kirkwall), Beaconsfield (Shell forecourt), Gatwick (Shell forecourt) and Swindon. A further two HRS also have Fuel Cells and Hydrogen Joint Undertaking (FCH JU) funding under the H2ME2 scheme. The UK refuelling network has been financially supported by Innovate UK, Office for Low Emission Vehicles (OLEV) and the FCH JU.

Planning permission has been granted for car and bus HRS at 19 sites in total with 14 different planning departments across the UK. Business development activities in the clean fuel area are now focussed on return-to-base commercial vehicles including buses, trains, trucks and shipping. ITM Power has entered into 17 hydrogen fuel supply contracts for refuelling fuel cell electric vehicles: Honda, Toyota GB PLC, Hyundai Motor UK Ltd, Commercial Group, Skanska, UlemCo Ltd, Arval UK Ltd, UK Government Car Service, Arcola Energy, Johnson Matthey, Europcar, The Science Museum, JCB, Anglo American, Green Tomato Cars, Yorkshire Ambulance Service and Northern Gas Networks.

Industry Developments:
On 13 November the Hydrogen Council published a first-of-a kind study detailing hydrogen's potential to be a key pillar of the energy transition. The study concluded that when deployed at scale, hydrogen could account for almost one-fifth of total final energy consumed by 2050. This would reduce annual CO2 emissions by roughly six gigatons compared to today's levels, and contribute roughly 20% of the abatement required to limit global warming to two degrees Celsius.

Marketing
The Company's marketing efforts have been focused on engagement with multi-national companies which operate within the energy and transport sectors. In addition, increasingly by invitation, ITM Power attends and presents at many industry specific trade fairs and conferences in the UK, mainland Europe and the United States. A regularly updated list of all the events the company will be attending can be found at http://www.itm-power.com/news-media/events

Graham Cooley, CEO, commented, "Our strong pipeline growth reflects the hydrogen and energy storage markets' rapid growth worldwide and ITM's focus on commercial sales. We have larger systems, compliant to operate all over the world, placing ITM Power in a great market position. This is a very exciting time for the energy industry, and ITM Power is at the forefront of a market which will revolutionise air quality and energy storage for future generations."

It's a great update , but whenever I've seen a program about renewable clean energy , not once did anyone mention Hydrogen , usual wind etc , so someone needs to get promoting it .

Half Year Results for the Period ended 31 October 2017

Significant commercial progress, financial position strengthened by £29.4m working capital fundraise

ITM Power (AIM: ITM), the energy storage and clean fuel company, announces its half year results for the six month period ended 31 October 2017. Comparable figures, where stated, refer to the corresponding period in 2016 unless otherwise indicated.

Commercial Progress:

· As at today, £27.0m (£17.0m) of projects under contract and a further £10.4m (Jan-2017: £1.4m) of contracts in the final stages of negotiation constituting a total backlog of £37.4m (Jan-2017: £18.3m), up 103% year on year

· Tender opportunity pipeline has grown steadily and is now over £200m, reflecting strong industrial demand

· 10MW refinery hydrogen project with Shell to build the world's largest PEM electrolyser at the Rhineland refinery, Germany

· World's first tidal-powered hydrogen generated at European Marine Energy Centre (EMEC) in Orkney

· First hydrogen bus route in the Pau region of France

· 20 tonne/day (50MW) hydrogen refuelling station designs launched in Las Vegas in September

· A new total of 20 hydrogen fuel contracts

Financial Highlights:

· Total income of £4.4m (2016: £3.0m), up 47%, comprising:

o Revenue - £1.7m (2016: £0.4m), up 325%

o Grant income plus grants receivable for capital projects - £2.7m (2016: £2.6m), up 4%

· Increase in fixed assets to £5.5m (2016: £3.8m), up 139%

· Loss from operations £2.9m (2016: £2.3m), increased by 26%

· Cash balance of £27.3m at period end (2016: £1.7m)

· Debtors balances of £12.8m (2016: £9.2m), up 39%

Operational Developments:

· New, larger factory premises identified and heads of terms agreed

· Expansion of the manufacturing and after sales support teams

· Creation of Australian subsidiary ITM Power Pty Ltd and appointment of Dr Neil Thompson as MD

Graham Cooley, CEO, commented: "The six months under review have seen significant advances in all areas of ITM Power's business. The announcement of the deployment of the worlds' largest PEM electrolyser at Shell's Rhineland refinery is a particularly important development seeing ITM Power enter the 10MW product class with a commercial product at scale. The Company's pipeline of deals has more than doubled since last year showing strong and consistent growth in both the refuelling and power-to-gas markets."

Roger Putnam, Chairman, added: "The Board is pleased with the result of the successful equity raise, which secured the working capital the Company needs to underpin the significant progress that has been achieved in growing the order pipeline of commercial sales. Our stronger financial position will help us to continue to strengthen our relationships with a number of major blue-chip companies as we progress our international business. With the establishment of our new company in Australia I welcome Neil Thompson to the development team."

£8.8m OLEV Funding for Refuelling Infrastructure

£8.8m OLEV funding to deliver the largest expansion of hydrogen refuelling infrastructure ever undertaken in the UK

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that a consortium including ITM Power, Shell, Toyota, Honda and Hyundai has won £8.8 million in funding from the Department for Transport "DfT" to improve access to an expanded network of hydrogen refuelling stations to support the continued roll out of hydrogen fuel cell electric vehicles (FCEVs) in the UK. Out of the £8.8 million total, ITM Power will receive £4.3m from the DfT to build four new hydrogen refuelling stations and to upgrade five existing hydrogen refuelling stations to increase capacity to support a larger fleet of FCEVs. The project has further funding support from the European Fuel Cells and Hydrogen Joint Undertaking (FCH JU).

Further details are provided in the Operations Update released today, and the DfT announcement is reproduced in full below:

NEW GREENER POLICE CARS TO RUN ON HYDROGEN

Police cars and taxis will be among nearly 200 new hydrogen powered vehicles switching to zero emission miles, thanks to a multimillion pound Government boost.

The zero emission vehicles are part of a project that has won £8.8 million in funding from the Department for Transport to improve access to hydrogen refuelling stations up and down the country and increase the number of hydrogen cars on our roads from this summer.

The winning project, is run by a consortium managed by Element Energy and including expertise from ITM Power, Shell, Toyota, Honda and Hyundai. It will capitalise on the reliable mileage of established fleets and see vehicles being procured by emergency services such as the Metropolitan Police, as well as Green Tomato Cars and Europcar to support the growth of refuelling infrastructure for hydrogen vehicles up and down the country.

Roads Minister, Jesse Norman said: "Decarbonising our roads is an essential part of meeting our climate targets. The innovative new technologies involved present great opportunities for our increasingly low carbon economy.

"Hydrogen has huge potential, especially for those making longer journeys and clocking up high mileage. That is what makes this project truly exciting. Not only is it demonstrating the technology in action, but it is also developing the refuelling infrastructure needed for the future."

The project helps cement the UK's place as a world-leader in adopting hydrogen technology, using not only British expertise through ITM Power, but also securing further investment from multi-national companies such as Shell, Toyota, Honda, and Hyundai.

It also means that hydrogen cars will be able to travel further around Britain than ever before, with new refuelling stations in Southwark, Isleworth, Birmingham and Derby paving the way for future expansion.

The £8.8 million grant will be matched by a further £13.1m investment including support from the companies and other sources. The project will involve the procurement of new vehicles, construction of new stations and upgrades to existing stations.

more.....

Operations Update

Contract Backlog increased to record high of £33.3m

ITM Power (AIM: ITM), the energy storage and clean fuel company, announces an update on the backlog for the period since the announcement of its interim results on 29 January 2018.

Contract Backlog

The Company maintains its focus on increasing commercial sales and currently has £33.3m (29 January 2018: £27.0m) of projects under contract and a further £5.5m (£10.4m) of contracts in the final stages of negotiation constituting a total backlog of £38.9m (£37.4m). Since 29 January the Company has finalised contracts totalling £6.3m and increased the total backlog by £1.5m of new projects.

Further Information on the OLEV Announcement

The announcement today contains details of an OLEV funding grant for £8.8m, of which ITM Power is the hydrogen refuelling partner, and shall be the recipient of £4.3m, which will enable the deployment of four new on-site electrolysis refuelling stations. Three of the four new stations shall be deployed on Shell forecourts, at prime strategic logistical locations across the UK. Shell and ITM Power continue to extend the forecourt siting agreement first signed in September 2015 leading to additional ITM Power refuelling stations being integrated on Shell forecourts.

In addition, five further ITM Power refuelling stations are being upgraded to expand their capacity and to facilitate the enlarged fleet of hydrogen fuel cell electric vehicles (FCEVs). These stations will support an additional 200 extra FCEVs also announced and being deployed as part of the project. The 200 vehicle users have been selected as heavy duty cycle vehicles, such as the MET Police.

ITM Power shall own and operate all of the hydrogen refuelling stations as part of the project. This will bring ITM Power's owned and operated public refuelling stations in the UK to a total of 11. ITM Power shall continue to sell hydrogen for £10/kg plus VAT. A typical Fuel Cell Electric Car can hold 5kg of hydrogen providing an estimated range of between 300 and 450 miles.

New Manufacturing Facility

Since the last update on 29 January 2018, significant progress has been made towards establishing the Company's new factory site. Led by ITM Power's Engineering Director, planning of the site has included modelling production flow and manufacturing capacity up to 300MW per annum. The facility will include a 7MW power supply with a 10kV high voltage connection to enable the testing of significantly larger electrolyser modules on site, and represents a significant increase on the power supply at the current factory of 1MW. Together with a configurable shop floor to make both standard and bespoke products, the enlarged footprint will also incorporate the technology centre and a large demonstration area to host potential clients and industry events.

At this time, the factory layout has been finalised, tenders have been received from candidate principal contractors and shortlisted. Detailed plans have been submitted to the landlord for approval and Heads of Terms have been agreed, with the contract expected to be signed by the end of Q2 2018. A designated project manager has been appointed by ITM Power to oversee the execution phase of the project.

ITM Power is pleased to have secured £0.4m of financial support for the upgrade of the site from Sheffield City Region, aligned with job growth in the Company over the next three years.

Dr Graham Cooley, CEO, ITM Power commented "We are delighted to extend our siting agreement with Shell for the purpose of the rollout of the next phase of refuelling stations that ITM Power shall own and operate. Adding 200 new FCEVs to the UK roads represents a significant boost to the current fleet on UK roads, and is a significant step in accelerating and co-ordinating the roll out both FCEVs and hydrogen refuelling stations. Our contracted order book, at its highest ever, demonstrates a consolidation of a period of high growth. We are also delighted to have finalised heads of terms and received the grant from the city region, showing our growth as being in line with their strategy."

New Shell Fuelling Station Opened at Beaconsfield

ITM Power (AIM: ITM), the energy storage and clean fuel company, notes the announcement by Shell that the hydrogen refuelling station - the first 'under the canopy' in the UK - at Beaconsfield Services on the M40 has opened today. This new hydrogen refuelling station, situated at one of the busiest service stations in the UK, will be fully owned and operated by ITM Power. The text of the announcement by Shell is set out below:

SHELL AND ITM POWER BOOST UK HYDROGEN INFRASTRUCTURE WITH NEW FUELLING STATION AT BEACONSFIELD

Beaconsfield site is UK's first 'under the canopy' Hydrogen refuelling station

LONDON, UK, 27 March 2018 - Today, Shell has announced the opening of a new hydrogen refuelling station at Shell Beaconsfield in Buckinghamshire. Supplied by ITM Power, this opening follows the launch of the first fully branded and public hydrogen refuelling site in the UK at Shell Cobham in February 2017.

Situated at one of the UK's busiest service stations, Shell Beaconsfield on the M40 will be the first site in the UK to bring hydrogen under the same canopy as petrol and diesel, providing drivers with a range of fuel choices to co-exist with traditional transport fuels. The hydrogen is generated on-site using an electrolyser that requires only water and electricity to generate the hydrogen gas.

Hydrogen fuel cell electric vehicles convert hydrogen into electricity to power the engine and produce only heat and water when driven. They can travel up to 700 kilometres on a single tank and can be refuelled in a few minutes.


Mike Copson, Hydrogen Business Development Manager at Shell, said: "We're delighted to be opening a new refuelling site at Shell Beaconsfield, demonstrating our ongoing commitment to hydrogen as a vital part of the UK's future transport system. Bringing hydrogen under the canopy for the first time is a fantastic step towards making it a convenient and viable fuel choice for UK drivers."

The hydrogen station at Beaconsfield is the fifth hydrogen refuelling site in the UK to be supplied by ITM Power and will be the first to be opened as part of the H2ME project. The initiative has been partially funded by the European Fuel Cells and Hydrogen Joint Undertaking (FCH JU), and the UK's Office of Low Emission Vehicles (OLEV).

Dr. Graham Cooley, CEO of ITM Power, said: "ITM Power is pleased to open this new hydrogen station in Beaconsfield which is the first to sit on the main forecourt, alongside the petrol and diesel pumps. This shows a big step forward in offering Shell customers a clean, green fuel, which is generated on-site, eliminating fuel deliveries. We look forward to working alongside Shell to deploy further stations and grow the hydrogen refuelling infrastructure in the UK."

FCH JU Executive Director Bart Biebuyck said: "The FCH JU is proud to see its support significantly boosting market entry of hydrogen technologies for clean mobility. The opening of this new station at the Beaconsfield forecourt proves that hydrogen is now even more the fuel of the future, and is ready to offer an everyday green solution to citizens. We need to continue building on these achievements, and enable the transition towards a low-carbon transport system."


Today's hydrogen station opening follows a number of recent Shell initiatives to support the UK's transition to low-carbon transport. These include the launch of Shell ReCharge, Shell's on-forecourt rapid electric vehicle charging service; an agreement with charging network operator IONITY to offer charge points across ten European countries; and the acquisition of NewMotion, one of Europe's largest electric vehicle charging networks.

-ends-

Study to evaluate the large scale production and use of renewable hydrogen in British Columbia and its export to Japan and California

StockMarketWire.com
Energy storage and clean fuel company ITM Power said Thursday it expected a cash loss for the year of £5.0m as costs would be higher than previously anticipated.

The company also said its pipeline of orders is expected to generate full-year total income of approximately £14.0m.

The expectations for higher costs was blamed on the cost of a plant that had been delivered in the year, fees related to recruitment and higher factory testing costs for larger scale equipment. The firm described these costs as 'largely one-off factors.'

The year-end cash position is expected at approximately £22.0m, while the working capital position is expected at approximately £8.0m.

The tender opportunity pipeline stood well in excess of £250m with a breakdown evenly spread across the three sectors of fuel, power to gas and renewable chemistry, the company said.

This is one to watch because the sp can rocket here on good contract signings......

I am watching it.....going down!

It'll come right at some stage...….

Final Results

ITM Power (AIM: ITM), the energy storage and clean fuel group, announces preliminary results for the year ended 30 April 2018, during which time activity levels significantly increased. To support this level of activity, the Company successfully raised £29.4m (gross) of working capital via a placing and open offer. The Group currently has £24.1m under contract and a further £6.5m in the final stages of negotiation, constituting a total pipeline of £30.6m having recognised £9.7m of income in H2 2018.

FINANCIAL:

· Total Revenue & Grant Funding of £14.1m (2017: £9.2m) up 53%, comprising:

o Product revenue - £3.3m (2017: £2.4m) up 36%

o Grant income recognised on the income statement - £4.1m (2017: £4.2m) down 0.5%

o Grant income recognised on the balance sheet - £6.7m (2017: £2.7m) up 152%

· Loss from operations £6.5m (2017: £3.6m) up 83%, including £0.9m of one-off items

· EBITDA loss of £4.8m (2017: £2.3m) up 109%

· Available cash balance of £20.4m at year-end (2017: £1.6m) post the December 2017 fund raise

· Net current assets excluding stock of £30.1m (2017: £7.4m)

COMMERCIAL:

Hydrogen Fuel:

· £8.8m OLEV funding as part of the delivery of the largest expansion of hydrogen refuelling station (HRS) infrastructure in the UK, of which £4.9m is granted to ITM Power

· 14 wholly owned HRS assets in ITM Power's portfolio:

o six are open to the public

o three are already under construction and due to open Q3 2018

o five further stations now fully funded and in the planning stages due to open Q2 2019

· UK Electrolyser HRS Generating Capacity to hit 3 Tonne/day, 1k Tonne/year

· Fuel contract with the Met Police and others to refuel 200 new FCEVs

· New hydrogen refuelling station opened at Shell Beaconsfield on the M40

· Hydrogen fuel contracts are now 20 in total

· Fuel sales increased to 16 tonnes for the period, up 672% which expected to grow further as more stations come on stream and fleets expand

Power-to-Gas (P2G):

· Completed large-scale P2G Deployment Study with Northern Gas

· Grant to undertake a multi-MW P2G feasibility study for the Massachusetts region

· Grant to evaluate P2G in British Columbia with BC Hydro, Chiyoda and Mitsui

Renewable Chemistry:

· 10MW refinery hydrogen project with Shell to build the world's largest PEM electrolyser at the Rhineland refinery, Germany

CORPORATE:

· New factory premises identified and heads of terms agreed, detailed space planning underway. Terms are expected to be signed in Q4 of this calendar year

· Significant investment in expansion of the manufacturing and after sales support teams

· Creation of Australian subsidiary, ITM Power Pty Ltd, and appointment of Dr Neil Thompson as MD

· Appointment of Andy Allen as Financial Director

· Working Capital Funding Round successfully raising £29.4m gross via a placing and open offer

· The Group currently has £24.1m under contract and a further £6.5m in the final stages of negotiation, constituting a total pipeline of £30.6m having recognised £9.7m of income in H2 2018

· Non-contracted tender opportunity pipeline increased to over £250m (September 2017: £200m), illustrating the growth in the hydrogen economy

SINCE YEAR END:

· Strategic Partnership Agreement with Sumitomo Corporation for product sales in Japan and other territories

Graham Cooley, CEO, commented, "This financial year has been a period of significant development for ITM Power. With revenue increasing by 53%, the Company has been focussed on the expansion of staff and the planning of the new, larger production facilities. We've also been learning how to maximise a growing portfolio of revenue generating assets in the shape of the first real hydrogen refuelling network in the UK. Finally, Power-to-Gas is now demonstrating real traction around the world and we remain very well placed to benefit from this development with our long-running reference plant in Germany."

Roger Putnam, Chairman, added, "I was delighted to report earlier in the year that ITM Power had raised £29.4m of working capital. Our plans for expansion of staff and production capacity are on track and I am delighted to note the significant increase in our top line result. As always, I would like to thank the staff for another year of hard work and enthusiastic dedication to our business ambition to help decarbonise the world's energy markets."

Results were a bit negative but there are signs of vast improvement in overall performance.....an announcement of one or two big contracts could send the sp much..much higher....fingers crossed as clean fuel is is the future !......

ITM Power Opens Seventh Hydrogen Refuelling Station at Johnson Matthey's Swindon site on M4 corridor

ITM Power (AIM: ITM), the energy storage and clean fuel company, and Johnson Matthey (LSE: JMAT), a global leader in science that enables a cleaner and healthier world, are pleased to announce the opening of ITM Power's seventh public access hydrogen refuelling station (HRS) located at Johnson Matthey, Swindon on the M4 corridor. The opening is being supported by Toyota, Hyundai and Honda who will also present and participate in a Q&A session. Attendees will also be able to experience a zero emission journey in a Fuel Cell Electric Vehicle (FCEV) Ride and Drive which will be available at the opening.

more.....

Trading Update

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to provide a trading update ahead of its AGM at 10.30am today, including progress on the Company's new factory, updates on two major ongoing projects and some key appointments.

Trading

The current financial year ending 30 April 2019 has started well and we continue to expect another year of significant financial progress for the Company. As has been the case in previous years, revenue is expected to be weighted towards the second half of the year. Underlying performance of project delivery remains on track. The Company's financial position is strong with £16.9m of cash and £1.7m of cash on guarantee. Debtors less creditors stand at £8.4m, making a total of cash and cash receivables of £27.0m.

The Group currently has £27.6m under contract and a further £6.7m in the final stages of negotiation, constituting a total pipeline of £34.3m, representing an increase of £3.7m since the full year results announced on 13 August 2018. The non-contracted tender opportunity pipeline currently stands at £200m.

New Factory

The planned move to the new 11,610 sq.m floor space factory (with grounds of 30,000 sq.m) is progressing well. The Company has designed a new manufacturing process (including introducing new automated technical processes), designed a new factory layout (to optimise product flow-through), completed all of the detailed drawings of the factory, the technology centre and the offices and applied for planning consent. The consenting process has also included a traffic survey and full environmental impact survey. Terms are expected to be signed in Q1 2019.

The new factory will be commissioned and run in parallel with the existing factory until the lease runs out at the existing Atlas Way site in 2021. The project manufacturing capacity ramp up across the old and new factories is more than adequate to support the Company's substantial projected sales growth in the ensuing three years. Product testing is currently a constraint at the old Atlas Way factory as we deliver larger products and so the power supply at the new factory will be commissioned early in the fit-out process.

The EU 10MW Refinery Project with Shell

The project is progressing well. We have established a dedicated project office and ring-fenced staff to work exclusively on this ground-breaking project. The initial design work has been completed for the planning permit application submission in Q4 2018. The Project Manager, Dr John Newton (formerly CIO at RWE npower), is working closely with Shell and their chemical process engineering sub-contractor in preparation for the detailed design phase, to ensure the plant will conform with the stringent safety and compliance requirements of a major refinery. The project team are attending regular joint technical review meetings at the refinery and will be hosting Shell and their sub-contractor partners, for similar meetings in the dedicated project office in Sheffield. The Refhyne consortium has recently produced an information video, available at: https://www.youtube.com/watch?v=tpPS62RTKd0

The Birmingham 3MW Bus Project

This is ITM Power's first project in the hugely promising hydrogen fuel bus segment and is expected to enhance our competitive advantage for additional future opportunities. The 3MW Electrolyser is built and has successfully undergone initial testing. The civil engineering works at the Tysley Energy Park are underway and will be completed in December and the refuelling station will be ready for operation in March 2019. 20 fuel cell buses are expected to be delivered in Q2 2019 to commence operation on Birmingham bus routes.

Key Appointments

We have appointed a number of senior managers recently. Nicola Ham Edmonds has been appointed as Head of Legal. Nicola has some 15 years of experience within in-house legal teams including Bombardier Transportation and the Royal Mail. Robert Crawford has been appointed as Quality and Health and Safety manager with over 20 years' experience in the electronics, aerospace, automotive, renewable energy and petrochemical sectors. Mark Theaker joins the company as Head of Procurement with experience gained at Tata Steel, Tarmac, National Grid and EDF Energy.

Dr Graham Cooley, CEO, ITM Power plc. commented: "ITM Power is in good shape - financially and operationally - and I hope this positive trading and pipeline update demonstrates this to shareholders. We are making good progress with the new factory, with the delivery of key multi megawatt reference projects and we have made a number of high-quality appointments to strengthen the team for further growth. Our business is performing well and we look forward to reporting more important new contracts in the near future."