First published in the Quoted Cleantech website, February 2011. Copyright Cleantech Investor 2011

Fuel cell and electrolysers developer ITM Power reduced its interim loss although the cash outflow of £2.3m, was similar to the first half of the previous year. AIM-quoted ITM still had £14.7m in the bank at the end of October 2010.

A rise in grant income from £108,000 to £335,000 helped to reduce the interim loss from £3.4m to £3.01m in the six months to October 2010. The main reduction in costs was in prototype production and engineering spending.

The HPac electrolyser has gained CE certification and other products are already going through the CE certification process. HFuel, the refuelling unit, is not now expected to get its CE mark until later this year. Management hopes to roll-out further new products during the next six months.

The first hydrogen on site trial at Stansted airport will start on 8 March.

ITM’s high power density fuel cell membrane testing is going well. ITM has already exceeded its early power density targets.