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

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."

HyDeploy: Hydrogen in the UK Gas Grid

Somebody has just bought one share in this company....steady now....anyway.....steady rise in the sp here......more to come......

Whilst the market is not doing well....: ITM are progressing...…!...

Really??? In 12 months the sp has halved!
Always the optimist rf!

At the moment : the market is dead as a dodo Harrycat....patience...the sp is only dropping because of depressed world markets....the time will come when real value shines through with hydrogen being the main way forward......ITM has quite a few exciting projects in the pipeline....read through the rns's and it looks promising !.....AFC are really disappointing but this one has enormous development potential !...Merry Christmas to you !...

Good luck with ITM......I feel you are going to need it!
Happy Christmas to you rf. I always like your input and hope it continues.

Double page in the IC about hydrogen and ITM, Ceres Power and AFC...….all you need to know......at the moment ITM looks the best bet.....if they can multiply their refuelling stations : the sp will rocket up I reckon.....

Fuelcell/Hydrogen shares rising.....this is the sector to be in this year I reckon due to progress being made in attaining profitability !....

There was a mention in IC - here - I don't have a subscription anymore.

I've been a holder/sufferer for @8 years.

And from over the road :- Hydrogen power: China backs fuel cell technology

Well here's hoping for a good recovery Skinny.....enormous potential....

Rising nicely....long may this continue....