StockMarketWire.com - ITM Power said its German subsidiary signed a lease Monday on new larger premises to accommodate both business development staff and technical support personnel.

ITM Power GmbH had been based near Frankfurt am Main since its incorporation in July 2011 and would now occupy new premises in Hungen, north of Frankfurt, the company said.

The new premises in Hungen would be the base for the existing three staff as well as a number of new hires to support the company's growing operations in Germany, ITM Power confirmed. It would also provide a base, for the first time, for technical staff engaged in supporting the group's projects in the important German market.

ITM Power GmbH currently was responsible for maintenance contracts of €33,000 a year which would increase, over the next year, to approximately €450,000 a year as the new projects were commissioned and fall under the after-sales support provisions, the company said.

At 9:35am: [LON:ITM] ITM Power PLC share price was -0.5p at 24.5p



Story provided by StockMarketWire.com