StockMarketWire.com - ITM Power posts a pre-tax loss of £3.3m for the six months to the end of October - down from £3.7m last time.

ITM said that its pipeline of project quotations has increased significantly, both in number and value, during the period and revenues of £0.7m compared with nil a year ago.

Both power-to-gas energy storage projects and refuelling station projects have been tendered in significant numbers. The completion of the Thüga plant commissioning is expected to further increase customer traction.

It says that to meet this increased activity it has separately announced a conditional equity raising of £10.0m gross to fund working and expansion capital.

Chairman Prof Roger Putnam said: "We are aggressively pursuing opportunities to reinforce our position as a global leader in energy storage and clean fuel, and we seek to turn that position into increased revenues for the Company as our markets mature and become mainstream. We are pleased with the progress made to date and look forward to an active second half of the year."


At 3:45pm: [LON:ITM] ITM Power PLC share price was -6.38p at 32.5p



Story provided by StockMarketWire.com