Project delays hit profit prospects

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Green energy company ITM Power has warned shareholders that it could take longer for the Sheffield-based business to become profitable than previously expected.

The Brightside Lane company behind innovative technology for generating hydrogen from water using renewable energy says it has made significant progress towards commercialising its technology.

However, delays in projects around the world mean it will take longer to earn significant revenues.

Losses for the current year will be in line with expectations, despite revenues being lower than expected at £87,000.

Chief executive Dr Graham Cooley said: “The progress we have made, and are making, is real and substantial.

“Our strategy is to embed the company in as many hydrogen infrastructure programmes around the world as we can and to make ITM Power’s products the must-have solution to the problem of surplus renewable energy - converting it either to fuel or injecting resultant hydrogen into gas grids.

“This is a medium to long term value creation strategy but one that I believe will reward shareholders despite any short term financial cost.”

ITM has announced that since the end of its financial year in April it has become part of the French hydrogen infrastructure programme, Mobilité Hydrogène France, which is backed by the French Ministry of Ecology, Sustainable Development and Energy.

Mobilité Hydrogène follows on from similar programmes in Germany and Britain which aim to create an infrastructure of hydrogen filling stations for both internal combustion and fuel cell powered vehicles.