31st Jan 2014 16:29
LONDON (Alliance News) - ITM Power PLC Friday said it narrowed its losses for the first-half, as it made headway with a number of projects across its European operations.
The energy storage and clean fuel company posted pretax losses of GBP3.3 million for the period ended October 31 2013 compared with losses of GBP3.7 million a year earlier, with the improved result net of the impact of one-off engineering costs incurred on a power-to-gas project of GBP300,000.
Revenue rose to GBP711,000 during the period, from GBP30,000 in 2012, primarily reflecting the completion of a substantial proportion of the power-to-gas project in Germany.
During the period, the firm said the business made progress on a number on sites. It said both its power-to-gas energy storage projects and refuelling station projects have been tendered in significant numbers.
ITM said the 360 kilowatt Thuga Power-to-Gas plant in Germany was delivered on schedule.
Construction of the project commenced in July with the first hydrogen injected into the grid in December 2013, representing the first ever Proton Exchange Membrane (PEM) electrolyser plant to convert electricity into hydrogen and subsequently inject the hydrogen into the German gas distribution network.
In November, ITM signed an agreement with the network subsidiary of German utility, Mainova, under which we will jointly identify and quote for PEM Electrolysis power-to-gas projects in Germany and internationally.
NRM, the Mainova gas network subsidiary, will have exclusivity to deploy ITM Power plant in its home state of Hessen in Germany and will be the Company's preferred partner for projects in other German states and internationally.
Financially, the firm said cash and short term deposits at the period end stood at GBP3.7 million compared with GBP5.9 million at April 30, 2013 and GBP8.0 million at October 31, 2012, "reflecting the ongoing investment in the business and roll-out of keystone projects."
In a separate note, ITM announced a equity raise of GBP10.0 million which is subject to shareholder approval.
This additional capital will facilitate the delivery of an expanded programme of refuelling and power-to-gas contracts in a number of markets.
The board is not recommending the payment of a dividend for the period in accordance with our stated policy.
The stock was trading at 32.25 pence Friday morning, down 6.62 pence or 17.0%.
By Anthony Tshibangu; [email protected];
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