£8m losses at ITM Power as it grows

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Sheffield hydrogen specialist ITM Power lost almost £8m in the last year - an increase on the £6.5m it lost the year before - but hailed “productive” international orders and partnerships.

Annual results from the clean fuel company show it had £5m of projects under contract at the end of April, with £1.3m secured since then and a further £3m in the “final stages of negotiation”.

Total revenue and grant funding was £3.077m, up 114 per cent on 2013.

Graham Cooley, chief executive, said: “This has been a very productive period for us with solid progress in technology, sales, partnerships and project income.

“We built, CE marked, commissioned and consented the world’s largest PEM electrolyser and have proved the company’s technology and project management ability.

“We now have a major reference plant with the Thüga Group, the largest utility grouping in the world. This solid progress directly reflects the achievements of our highly talented team.”

High points for the company include a £2.8m contract to supply three refuelling stations in London, a £2m contract with the Californian Energy Commission, Thüga Group’s power-to-gas plant officially commissioned and operational on schedule and the successful injection of hydrogen into the German gas grid.

ITM also participated in UK, US, Swiss and French hydrogen infrastructure programmes, a partnership with NRM Germany for power-to-gas projects and a contract with AME and National Grid in the UK.

Roger Putnam, chairman, added: “Our staff have developed ITM Power’s technology platforms into a broad product offering.

“ITM Power is today firmly established as a world leader in PEM electrolysis.”