ITM Power Announces Preliminary Year-End 2005 Results

ITM Power plc (UK), a developer of fuel cell technologies for the hydrogen economy, announced preliminary results for the year ended April 30, 2005. The loss before tax for the year to April 30, 2005, was £1.26 million, with cash balances at £8 million. The group raised £10 million via a placing when it joined AIM in June last year.

The company reported "excellent" progress and said it remains on track to achieve key milestones over the next 12 months. ITM aims to announce results on longevity testing on both fuel cells and electrolyzers over the next year. ITM believes that the development of its low-cost, durable modular electrolyzers will be the key contributor to realizing the hydrogen economy and, if the tests are successful, its innovations could help replace fossil fuels. ITM said it has delivered against the milestones set out in the prospectus, strengthened the board and its scientific personnel, and accelerated the research and development program.

Chairman Stephen Massey commented, "ITM has made excellent progress on all fronts since becoming a publicly traded company. The team has delivered against the milestones set out in the prospectus. We have strengthened the board, our scientific personnel, and we have accelerated the research and development program. As the focus on renewable energy sources continues to increase, we expect more and more attention to be directed towards the hydrogen economy. ITM intends to become a world leader in enabling hydrogen to become the fuel of the future."