ITM Power specialises in the manufacture of integrated hydrogen energy systems. Founded in June 2001, the company floated on London’s Alternative Investment market(AIM) in 2004 and was the first United Kingdom-based fuel cell company to go public. ITM Power operates out of two premises in Sheffield, UK with further offices in Germany, France the USA and Canada. The company has a number of sectors and products. These include clean fuel, hydrogen power stations, power- to- gas energy storage, and other green products.
London AIM (ITM.L)
Financial Data from the Exchange website:
Recent Financial Statement:
Response to UK government’s plans for air pollution control
ITM feels hydrogen is the cleanest fuel available but you can’t dig it up or explore for it, you have to make it. ITM’s clean fuel division generates hydrogen by utilising surplus renewable electricity and water and putting it through an ITM electrolyser. This offers a renewable clean fuel, which can be made on-site at the point of use, eliminating the need for transported fuel deliveries.
The use of hydrogen cars on the UK’s is yet to be established. This is partly because what Americans call “range anxiety”. The first hydrogen car to be commercially marketed is Toyota’s Miral and this has a range of 523 kilometres. Therefore there a need for filling stations to be built to get the hydrogen car market to take off. There are few hydrogen filling stations in the UK. ITM’s hydrogen stations division has pioneered the building of H stations with a handful around London.
ITM’s power to gas division generates hydrogen to be directly injected into the gas network as power-to-gas. The first plant to inject electrolytic generated hydrogen into the gas distribution network in Germany was with Thuga. This operates at an overall efficiency of over 70 per cent and participates in the market for secondary control (grid balancing). It makes a contribution to maintaining grid stability while outputting hydrogen to the “gas grid”. ITM feels the process has a great future.
22 Atlas Way
+44 (0)114 244 5111
Non-Executive Chairman: Prof Roger Putnam CBE
CEO: Dr Graham Cooley
Short description: Manufacturer of hydrogen energy systems.