29th Oct 2018 11:48
LONDON (Alliance News) - ITM Power PLC said Monday it expects a year of significant progress after a experiencing a good start and advancing key projects.
At its annual general meeting, the energy storage and clean fuel company said that the revenue for its financial year to the end of April 2019 is expected to be weighted towards the second half.
The company said it currently has GBP27.6 million under contract and a further GBP6.7 million in the final stages of negotiation for a total pipeline of GBP34.3 million.
ITM also reported a "strong" financial position with GBP16.9 million of cash and GBP1.7 million of cash on guarantee.
Regarding its EU 10 megawatts refinery project with Shell, ITM said it is "progressing well".
"The initial design work has been completed for the planning permit application submission in the fourth quarter of 2018," ITM said.
In the meantime, the Birmingham 3 megawatts bus project is also advancing.
"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," ITM explained.
Finally, the firm said it expects terms for the move to its new factory to be signed in the first quarter of 2019. Until 2021, when the lease on the old Atlas Way factory expires, both factories will work together.
"The company has designed a new manufacturing process, designed a new factory layout, completed all of the detailed drawings of the factory, the technology centre and the offices and applied for planning consent," it explained.
ITM Power shares were trading up 6.2% at 24.00 pence each.
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