Alongside the proposed placing announced separately today ITM Power, the energy storage and clean fuel company, announces, exceptionally, Q1 trading performance for the three months to 31 July 2021. This information is also included in the offering memorandum published in connection with the proposed placing and should be read alongside the announcement of the proposed placing.

• Revenue of £1.2m (Q1 2021: £0.3m), up 357%
• Loss from operations £6.3m (£5.6m), increased by 12%
• Adjusted EBITDA loss of £5.2m, (£5.1m), increased by 1%
• Cash balance of £170.8m (£33.8m)
• Cash burn of £5.3m (£8.0m), down 34%

In the film below ITM Power CEO Graham Cooley provides an outline of ITM Power’s business and the future for the renewable energy sector