Key Developments: ITM Power PLC (ITM.L)

ITM.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

ITM Power PLC receives 2.8 mln pounds contract to supply three refuelling stations in London
Thursday, 3 Apr 2014 02:00am EDT 

ITM Power PLC:Receives award of contract to supply three of its electrolyser-based refuelling stations to London under the EU FCH JU funded HyFive project announced by the Mayor of London's Office.The contract is worth about 2.8 mln pounds (3.3 mln euros) to ITM Power and brings the total value of product build under contract to 6.6 mln pounds.  Full Article

ITM Power Plc announces issue of shares
Friday, 31 Jan 2014 10:27am EST 

ITM Power Plc:Says the company has placed 33,333,333 new ordinary shares, through Zeus Capital as broker to the company, at a placing price of 0.30 pound per ordinary share with institutional and other investors to raise 10 mln pounds.Says the net proceeds of the Placing will be used to provide the Group with additional working capital and financial resources to develop their facilities in the UK, USA and Germany and otherwise for general working capital purposes.  Full Article

ITM Power Plc announces gas network optimisation contract with AMEC and National Grid
Friday, 24 Jan 2014 02:00am EST 

ITM Power Plc:Says it has secured a commercial contract from AMEC and National Grid to assess the deployment of Power-to-Gas Energy Storage technology to reduce the energy losses in the gas network.  Full Article

ITM Power Plc announces appointment of chief financial officer
Monday, 20 Jan 2014 02:00am EST 

ITM Power Plc:Says the appointment of Brian Jackson, as Chief Financial Officer and company Secretary with immediate effect.Says he will be based at the company's facility and offices in Sheffield.Says he succeeds Barry Cunliffe who is leaving to take up an appointment as Group Finance Director with a private engineering group of companies.  Full Article

ITM Power Plc Announces Sale of Electrolyser Plant to UK Government Agency
Wednesday, 20 Nov 2013 02:00am EST 

ITM Power Plc announced that it has received its first order for an electrolyser plant from a UK Government Agency. The electrolyser reference plant is based on ITM Power's HPac platform and the contract was won in a tender process based on price, performance, compliance and delivery time-scale.  Full Article

ITM Power Plc Signs Memorandum of Understanding with NRM
Monday, 18 Nov 2013 02:00am EST 

ITM Power Plc announced that it has signed a Memorandum of Understanding (MOU) with NRM Netzdienste Rhein-Main GmbH (NRM), a 90% subsidiary of Mainova Aktiengesellschaft GmbH (Mainova). Under the MOU, the Companies will jointly identify and quote for PEM Electrolysis Power-to-Gas projects in Germany and internationally. NRM will have exclusivity to deploy ITM Power plant in their home state of Hessen in Germany and will be the Company's preferred partner for projects in other German states and internationally. The MOU covers both the direct injection of hydrogen gas into mains gas grids and methanation projects. ITM Power has deployed its PEM Electrolysis Power-to-Gas (P2G) plant at the Mainova Aktiengesellschaft site in Schielestrasse, Frankfurt am Main where the compliant gas mixing and grid injection infrastructure designed and built by NRM is already in place. The plant, which was jointly commissioned by 13 partners within the Thuga Group to investigate P2G-Technology, is now on-site and is undergoing acceptance, compliance and commissioning phase before live commissioning in December. This plant is part of the Thuga Group's P2G project as previously reported. Both ITM and NRM are building this plant with the Thuga project consortium, of which ITM and NRM's parent Mainova are both partners. The install also includes a monitoring facility and visitor's reception so that members of the Thuga Group can examine the performance of the plant.  Full Article

ITM Power Plc Announces Placing
Tuesday, 6 Aug 2013 02:00am EDT 

ITM Power Plc announced that it has raised GBP2,000,000, before expenses, by way of an issue of 5,714,286 new ordinary shares of GBP0.05 each at a placing price of GBP0.35 per share. The Directors intend to use the net proceeds of the Placing to provide the Group with additional financial resources to underpin its balance sheet and thereby improve the ability of the Group to develop its relationships with existing and future customers. GBP450,012.50 of the Placing is to be invested by Carbon Trust Investments Limited, to fund a research and development project being carried out by ITM in relation to the application of the Group's technology in the field of motive power for vehicles in accordance with the project agreement entered into with The Carbon Trust.  Full Article

ITM Power Plc Gets Contract For Operation Of Hydrogen Facility
Tuesday, 30 Jul 2013 02:00am EDT 

ITM Power announced that it has been selected by the Homes and Communities Agency (HCA) as the preferred bidder in a recent competitive tender process to become the operator of a Hydrogen Mini Grid System (HMGS) in Rotherham, UK. Subject to final contract ITM Power will sign a five year lease on the site and will work in collaboration with local authorities, businesses, Sheffield University, DeMontfort University and UPS Systems to provide retail fuel services for a range of low carbon vehicles and provide educational material for the hydrogen sector.  Full Article

ITM Power Plc Comments On Long Term Revenue Guidance-DJ
Wednesday, 3 Jul 2013 03:16am EDT 

Dow Jones reported that ITM Power Plc said it does not expect significant revenue until fiscal 2015. Delivery times and hydrogen plant deployment is slipping and Company does not now see the commercial recognition, and therefore revenue, of significant deployment until fiscal 2015. According to I/B/E/S estimates, analysts were expecting the Company to report revenue of GBP7 million for fiscal 2014; revenue of GBP12 million for fiscal 2015.  Full Article

ITM Power Plc Announces Incorporation Of ITM Power ApS In Denmark
Monday, 17 Jun 2013 02:00am EDT 

ITM Power Plc announced the incorporation of ITM Power ApS, a wholly owned Danish subsidiary company. ITM Power's partner has been active in Denmark for a number of years developing project opportunities. ITM Power will join the partner to tender for existing opportunities and opportunities under development. In 2012, renewable sources of energy provided 45% of the electricity generated in Denmark, including wind energy at 30% of generation and biomass at almost 15%.  Full Article

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