ITM Power looks to Europe for income

SHEFFIELD-based clean fuel firm ITM Power yesterday revealed that it had appointed an agent in Germany in an attempt to boost its European revenues.

By The Newsroom

Published 27th Jul 2011, 07:00 BST

The Sheffield-based company has developed electrolyser technology to use electricity to produce hydrogen gas.

The company believes the UK needs to emulate Germany and the United States by supporting hydrogen as an alternative to fossil fuels.

The company’s net cash-burn for the year ended April 30 2011 decreased from £4.9m to £4.8m. Underlying losses after adjusting for share-based payment charges of £600,000 remained level at £5.1m.

Chairman Prof Roger Putnam said: “I am pleased to be reporting further significant progress made by the company in the second half of the year.

“Our first products were very well received at the Hannover Messe (in Germany) in April when the company received a great deal of industry attention.

“We are now building the resulting commercial relationships.”

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