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ITM Power
- BY: Andrew Hore |
- POSTED: 29/01/2010 |
Fuel cells developer ITM Power is focusing on its electrolyser products which it hopes to launch during the first half of 2010.
ITM will not develop other projects until these products are shown in Hannover and California. The business is also more focused on the commercial rather than the development side of operations.
The loss increased from £2.25m to £3.4m, including £300,000 of restructuring costs, in the six months to October 2009. R&D spending was flat but more was spent on prototype production and engineering.
ITM has renewed its memorandum of understanding with Revolve Technologies for the development of hydrogen internal combustion engines.
There is still £19.5m of cash in the bank, which should last more than a couple of years unless the cash outflow increases.
At 18.75p a share, up 1p on the day, ITM is valued at £19.3m – similar to the cash pile.
Broker Panmure Gordon has set a share price target of 50p – the price at which ITM floated in June 2004.
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