9th Jun 2015 09:24
LONDON (Alliance News) - ITM Power PLC Tuesday said its results for the last financial year, due to be released at the end of July, will be in line with expectations and said customer engagement is at an all-time high as its sales pipeline continues to grow.
The integrated hydrogen energy systems manufacturer for the renewable energy industry said it has GBP12.9 million of projects under contract and a further GBP2.8 million of contracts in the final stages of negotiations.
"ITM Power's key strategic goal is to become cash-flow positive in the shortest period possible, and the company has successfully prevented the cost base materially increasing despite revenues rising significantly over the last two years," it said in a statement.
"As the company builds up more operating experience, project timetables will be forecast with greater clarity, which, in turn, will result in revenue forecasts becoming more accurate," it added.
As of Tuesday, ITM said it has 15 products at its Sheffield headquarters either ready to ship, undergoing testing or currently being manufactured. Five of the products are the company's HPAC product, which offers mid-range hydrogen generation for a variety of applications. The other ten products are the company's larger scale versions.
The company's products are used for energy storage and conversion.
At the Hannover Messe exhibit in Germany in April, ITM launched a 1 megawatt stack module and the company said the response from the market has been "very encouraging", adding that ITM is actively developing numerous projects with a view of deploying the new stack module in both refuelling and energy storage applications.
"While developing this larger stack platform, the company has benefited from the operational experience of its previous stack platform which has been successfully exposed to very demanding Power-to-Gas applications," said ITM.
ITM Power has two large-scale power-to-gas plants operational in Germany and said it is working closely with technical institutions in Germany where wider energy storage and renewable chemistry projects are underway at pilot scale using the company's HPac platform.
"This update reflects a very busy time for the company. Customer engagement with our energy storage and grid balancing products and with our hydrogen refuellers is at an all-time high. The project and quotation pipeline as a result has been steadily growing in both applications," said Chiuef Executive Graham Cooley.
"ITM Power enjoys a strong foothold in Germany with its PEM Power-to-Gas technology and is building a valuable portfolio of refuelling stations in the UK centred on London, which will provide strong commercial experience in the manufacture, deployment and operation of Hydrogen Refuelling Stations," he added.
ITM said it plans to release its results for the full year ended April 30 toward the end of July.
ITM shares were up 1.2% to 29.10 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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