ITM Power aims to be a global player with showcasing of new products

HYDROGEN fuel company ITM Power reported a first half loss but said it is ready to showcase its products on a global stage.
By The Newsroom
Published 29th Jan 2010, 20:00 BST
Updated 29th Jan 2010, 20:00 BST

The firm, which has developed innovative fuel cell technology for use in the home and transport, hopes two trade fairs, the Hannover Messe in April and California's National Hydrogen Association show in May, will open the door to distribution deals and partnerships.

Sheffield-based ITM has seven products which are close to being ready for production, including a high-rate hydrogen gas production box. Its electrolysers work by turning electricity into hydrogen fuel, which can be stored or burned.

Hide Ad
Hide Ad

"Our prediction is that they will begin to produce revenue in 2011," said chief executive Graham Cooley. "2010 is our product year.I'm very confident in the technology."

ITM made a pre-tax loss of 3.4m for the six months to the end of October after 340,000 of reorganisation costs. That compares with a 2.2m loss a year earlier. It has cash and investments worth 19.5m.

The firm added it plans no development of new products "until the response to the initial offering is gauged". Its products are being tested for European Conformity before release onto the market.

ITM announced the appointment of Barry Cunliffe, 44, as chief financial officer with immediate effect. He has been interim CFO for the past three months.

Related topics:CaliforniaSheffield