StockMarketWire.com - Energy storage and clean fuel group ITM Power posted a full-year loss after rising revenue was more than offset by expenses including R&D, production and marketing costs.

Pre-tax losses for the year through June amounted to £27.6 million, compared to year-on-year losses of £29.5 million. Revenue rose to £4.3 million, up from £3.3 million.

ITM Power said its annual revenue would be heavily weighted to the second half.

'2021 has been another transformational year for ITM Power,' chief executive Graham Cooley said.

'We attracted a strategic investor in Snam., and through our fund raise in October 2020 developed a platform to deliver to market our next generation product, the 5MW Gigastack, two years earlier than previously planned.'

'We also moved into Bessemer Park, the world's largest PEM electrolyser factory and commenced manufacturing there in January 2021.'

'We have seen national commitments to net zero accelerate, and I believe we are very well placed, with our partner Linde, to address the rapidly growing demand in the market.'


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