ITM Power optimistic for 2012

Clean fuel firm posted a half-year pre-tax loss of £3.5m today but said it hopes to see “significant commercial traction” in 2012.

The Sheffield-based company said it spent £3.2m of its £12.2m cash holdings as it grew its order book to £540,000.

Last week, ITM Power announced it is to join a £400m Government programme to make hydrogen powered cars a reality.

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It is one of 13 companies from the utility, gas, infrastructure and global car manufacturing sectors to join a project aimed at ensuring the UK is well-positioned for the commercial roll-out of hydrogen fuel cell electric vehicles.

The new programme, UKH2Mobility, will also bring the 13 companies together with three Government departments.

Meanwhile, the firm is also involved in a project to make the Isle of Wight energy self sufficient.

Chairman Roger Putnam said: “The UK H2Mobility initiative represents a very significant step forward for the UK in the adoption of hydrogen for transport. This, coupled with the EcoIsland project, places ITM Power at the heart of the emergence of this exciting new fuel industry.

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“Building relationships has been a major focus for ITM Power over the last six months and the achievement of our first major EU grant is a sign of relationship development that will, we hope, result in significant commercial traction in 2012.”

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