ITM Power
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| Traded as | : |
|---|---|
| Industry | Hydrogen Economy |
| Founded | June 2001 |
| Headquarters | Sheffield, England |
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Key people
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Dr. Graham Cooley (CEO) |
| Products | Electrolysers Hydrogen Stations Energy Storage |
| Revenue | £480,000 (Fiscal year Apr 2011-Apr 2012) |
| Website | www |
ITM Power is a company that specializes in electrolysers, and hydrogen fuel cell products. Founded in June 2001, the company floated on the Alternative Investment Market in 2004, an action which raised £10 million. The company's revenues increased from £8,000 in the fiscal year ending April 2011 to £480,000 in the fiscal year ending April 2012. The company did not make a sale until June 2010, when it provided an electrolyser for the University of Birmingham. The company has since gone on to make a number of sales.
The Company received £4.9m as a strategic investment from JCB in March 2015. The Company signed a forecourt siting agreement with Shell in September 2015.
ITM Power was created in June 2001, and was the first United Kingdom-based fuel cell company that went public. February 2004 Peter Hargreaves joined ITM Power as a Non-Executive Director. In May 2006, Roger Putnam CBE, was appointed as the independent Non-Executive Director of ITM Power. That month, ITM Power also raised around £29 million by placing 9,189,235 Ordinary Shares at 320p each.
In June 2009, Graham Cooley was made CEO of ITM Power.
On June 4, 2014, Sir Roger Bone joined the Board as Non-Executive Director. Roger has been President of Boeing UK since September 2005. On 5 June 2015 Robert Pendlebury joined ITM Power as a non-executive director. Bob worked at JCB as Research Director and eventually became their Engineering and Research Director.
Hydrogen fuel is the cleanest fuel available. It can be generated using surplus renewable electricity and water using an ITM Power electrolyser. This offers a renewable clean fuel, which can be made on-site at the point of use, eliminating the need for transported fuel deliveries.
The main area for hydrogen fuel use is for road transportation, which makes up a huge percentage of transportation emissions worldwide. The UK has a target to reduce carbon in transportation by 90% and in the USA, California were the first to pass legislation on renewable energy mobility with funds being made available to support the deployment of a hydrogen infrastructure.
Due to its zero carbon offering, hydrogen fuel for "fuel cell electric vehicles" (FECVs) is now high on the agenda in a number of countries with significant government projects enabling the roll-out of hydrogen mobility programmes. These programmes are supporting the availability of FCEVs to the public, whilst at the same time ensuring that there is a hydrogen infrastructure in place to refuel.
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Wikipedia