Highlights:
-
Successfully completed all milestones
set out at the time of the IPO -achieved earlier than expected
-
Successfully tested its low cost membrane
technology in excess of 3,500 hours of operation without evidence of degradation.
ITM's membrane technology has now reached 5,000 hours of operation without
evidence of degradation.
-
Costs further reduced with the elimination
of high cost platinum catalyst
-
Principal patents granted and IP portfolio
increased
-
New demonstration facility at Sheffield
laboratories
-
Raised £29.4m through placing
of ordinary shares with institutional investors in May 2006
-
Loss for the year increased from £1.2m
to £1.9m in line with budget
-
Capital expenditure increased due to
the additional test equipment and expansion to our laboratories in Sheffield
-
New development programme initiated
to develop an electrolyser refuelling system for use in bi-fuel hydrogen-petrol
internal combustion engine powered cars
-
New objectives introduced in addition
to milestones set out in January 2006
-
Appointment of new non executive director
and electrolyser business development officer
Stephen Massey, Chairman commented:
"Over the past two years, we have built a solid foundation as a platform
to underpin the route to commercialisation. We remain on track to achieve
the first of our new technical milestones by October 2006 and we will continue
to progress with development plans within our target markets. We also hope
to announce further results on our hydrogen technologies and remain focused
with increasing emphasis on the commercialisation of ITM's technology.
I am confident that ITM is in a strong position to achieve its business
objectives through strong science, people and finances."
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