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ITM Power: great to see but still pretty wacky

ITM Power furel cell

The high-flying fuel cell specialist has a considerable pipeline of opportunities going well into the future, but the valuation still looks pretty wacky to us. However, in the current equally wacky stock market environment, no doubt it will continue to move higher - and we would certainly urge hedge funds not to consider shorting it!


ITM Power (LON: ITM), the energy storage and clean fuel company, announced results for the six-months ending 31 October 2020.


Total income rose of £4.4m, of which grant income represented the lion’s share, was clearly rather modest for a business currently valued at £3.3bn, but this is all about the future.

The operating loss was £12.0m and cash outflow £15.7m after £10.3m was spent on capital equipment, including £5.7m on their new Bessemer Park plant.

ITM currently…

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