The Sheffield based company is a developer of hydrogen fuel cell technology.

The company – which  raised £30m this September in a fundraising round – has been active on the AIM market since 2004, when it first listed.

The money raised is to be used to provide working capital to help meet its backlog of contracts, move to another facility and to increase its production facilities.

ITM operates in two key areas. The first is its “power to gas” offering using an electrolyser. Rather than using battery storage it uses an electrolyser to convert excess energy from renewable energy sources into hydrogen gas. Hydrogen gas is in turn injected into the system as an alternative/accompaniment to natural gas.

This enables energy companies to deal with the tricky problems around renewable energy storage, which at the moment is a key problem for the renewables sector.

The other part of its business is its hydrogen fuel stations. Consumers of hydrogen powered cars of course require filling stations to power their vehicles and ITM builds the refuelling stations.

The company recently announced that it was undertaking a joint project with oil giant Shell that would see the installation of a 10 megawatt electrolyser at the Wesseling refinery site in Germany.

This follows on from the opening this year of the first hydrogen station on the forecourt of the UK. In February it opened in Cobham on the M25. It was the fourth public hydrogen refuelling station opened in the UK.

ITM was part of the HyFive programme, a £31 million project to help push the usage of hydrogen vehicles in Europe. ITM was chosen as the partner to help provide the refuelling stations.

In its results for the year to April ITM reported sales of £2.4 million (2016: £1.9 million).

Note: Neither the author nor any of the members of the Renewables Investor staff have received any payments from ITM Power or associated companies. The above does not constitute financial advice and those seeking out financial advice should seek out the services of an Independent Financial Adviser.