It has been a momentous year for ITM Power – and it is not over yet.
The Sheffield-based company, which designs and manufactures systems for producing, storing and dispensing hydrogen has hardly been out of the news during the last nine months.
ITM has notched up a series of success as the wider world has shown increasing signs of recognising hydrogen as the green, clean fuel of the future.
“The pace has increased significantly over the last two year and things have taken off in the last six to nine months,” says ITM’s chief financial officer, Barry Cunliffe.
“If you go back three years, the focus for ITM and, probably, the global hydrogen energy market was on smaller products for research and academic institutions. That has completely changed.
“Now it’s automotive, energy storage and technology for injecting hydrogen into the gas grid. The whole emphasis of the hydrogen sector has changed.”
ITM’s chairman, Prof Roger Putnam predicts the future will see wide scale adoption of hydrogen fuel technology and accelerating growth for the Brightside Lane firm’s business.
“We have now arrived at a tipping point, both for hydrogen and ITM Power,” said Prof Putnam, a former chairman of Ford of Britain and president of the Society of Motor Manufacturers and Traders.
Speaking in July, when ITM launched a successful bid to raise £9 million from investors in July, he added: “ITM Power has successfully positioned itself to address the clear commercial opportunities within energy storage and clean fuel generation from renewable power.”