Clean fuel firm ITM Power has announced a 24 per cent fall in income to £3.8m in the six months to October 31 after a fall in grant income.
The Sheffield-based energy storage firm said that in the past, it was able to offset some overheads through grant income. This has fallen from £3.8m to £800,000 as remaining EU grants have started to reach a conclusion.
The group saw a 100 per cent increase in revenue to £2.4m, but grant income plus grants receivable for capital projects fell 79 per cent to £1.4m.
The group’s half year loss increased by 85 per cent to £9.8m.
Over the period, ITM formed a joint venture with Linde Engineering, focusing on delivering green hydrogen to large scale industrial projects.
Graham Cooley, CEO, said: “The formation of the joint venture with Linde and the strategic investment that accompanied it is transformative for ITM Power.
“The deal allows ITM Power to concentrate on its core competence of developing and manufacturing electrolysis equipment.”
Dr Cooley the company is now able to offer a full turnkey solution at industrial scale with the competence of a world leader in the hydrogen industry.
Last year ITM signed an agreement to lease new premises in Sheffield for its global manufacturing headquarters. The firm has leased a new build development of 134,000 square feet at PLP Bessemer Park.
Dr Cooley said: “The opportunity to bid up to 1GW per annum of electrolysis equipment from Bessemer Park gives the company a powerful cost reduction trajectory. I am confident that ITM Power and our partner Linde have a world class offering.”
ITM Power manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of green hydrogen for transport, renewable heat and chemicals.