ITM reported an increased operating loss of £6.8m in the year to April 2010, up from £6.1m the previous year. R&D spending was maintained at £3.53m but the investment in prototypes and engineering increased from £984,000 to £1.32m. Interest income was much lower.
ITM will launch its HFuel modular and transportable hydrogen refuelling unit at its AGM on 15 September. Stansted Airport, DHL and the Forestry Commission are all lined up to test the unit. More recently, Sheffield City Council and the London Borough of Camden have signed up for the trials.
ITM has obtained a grant of £264,000 from the Technology Strategy Board for the HydroGEN project, which plans to develop an electrolyser stack based on alkaline polymer membranes and catalysts. ITM’s partners in the project are Teer Coatings, Boddingtons Technical Plastics and the University of Southampton. Panmure Gordon reckons that £210,000 of the grant will be recognised in the 2010-11 accounts.
ITM has a strong balance sheet with £16.9m in the bank at the end of April 2010. There was a £4.9m cash outflow last year, although that was £1m lower than it would have been due to a tax rebate.
ITM has sold a HPac unit to the University of Birmingham and it should be delivered by the end of 2010. HPac supplies hydrogen to compression systems for energy storage and it will supply hydrogen to the university’s fuel cell laboratory.
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