ITM Power (AIM:ITM) – Expansion of facilities offers encouragement
The AIM quoted energy storage and clean fuel company has opened the new year with the announcement that it has begun a significant expansion of manufacturing facilities at its Sheffield site.
The expansion includes two new test bays for acceptance testing of HGas Power-to-Gas units http://www.itm-power.com/product/hgas and the provision of a new 1MW substation. The Group now has £8.66m of projects under contract and a further £0.81m in the final stages of negotiation, excluding income already recognised in the current financial period. The manufacturing facility, plus the use of a number of accredited local subcontractors, can currently handle a product turnover of approximately £100m per annum. The additional facilities announced today are for the provision of power for the acceptance testing of 1MW units. Management commented that the standardisation of…