TIDMITM
RNS Number : 9307A
ITM Power PLC
27 January 2020
27 January 2020
ITM Power plc
("ITM Power", "the Group" or the "Company")
Half Year Results for the Period ended 31 October 2019
ITM Power (AIM: ITM), the energy storage and clean fuel company,
announces half year results for the six month period ended 31
October 2019. Comparable figures, where stated, refer to the
corresponding period in 2018 unless otherwise indicated.
Commercial:
-- Formation of a Joint Venture with Linde Engineering, ITM
Linde Electrolysis GmbH ("ILE") focusing on delivering green
hydrogen to large scale industrial projects
-- Transformative GBP58.8m fundraise to:
o facilitate move to Bessemer park
o fund the continuing development of 5MW electrolyser module
o initially fund the Joint Venture, ILE GmbH
o provide balance sheet strength and flexibility
Operational:
-- Lease for new 1GW factory signed, with Principal Contractor
appointed for fitout on a 30 week programme
-- US Business development MoU with Iwatani Corporation America
-- As of today, the total backlog stands at GBP42.4m (2018:
GBP33.6m) with GBP16.3m (2018: GBP23.2m) of projects under contract
and a further GBP26.1m (2018: GBP10.4m) in the final stages of
negotiation.
-- The qualified tender opportunity pipeline is now over GBP248m
(2018: GBP240m), representing 37 projects with an average size of
GBP6.7m.
Financial:
-- Total income of GBP3.8m (GBP5.0m), down 24%, comprising:
o Revenue of GBP2.4m (GBP1.2m), up 100%
o Grant income plus grants receivable for capital projects of
GBP1.4m (GBP3.8m), down 79%
-- Loss from operations GBP9.8m (GBP5.3m), increased by 85%
-- EBITDA Loss of GBP8.3m, (GBP4.5m), increased by 84%
-- Cash balance (excluding restricted balances) of GBP56.9m (GBP15.6m) at period end
-- Cash burn (excluding fundraise) of GBP6.2m (GBP4.8m), up 29%
-- Net working capital of GBP9.0m (GBP9.4m), down 4%
Corporate:
-- Sir Roger Bone steps up to Chairman following four years on the board
-- Martin Green joins the board as non-executive director
-- Juergen Nowicki appointed non-executive director, nominated by Linde
-- Appointment of Andreas Rupieper as MD of ITM Linde Electrolysis GmbH
-- Nicola Ham Edmonds appointed Company Secretary
-- Prof. Roger Putnam and Lord Roger Freeman retire from the board
Graham Cooley, CEO, commented: "The formation of the Joint
Venture with Linde and the strategic investment that accompanied it
is transformative for ITM Power. The deal allows ITM Power to
concentrate on its core competence of developing and manufacturing
electrolysis equipment. The Company is now able to offer a full
turnkey solution at industrial scale with the EPC competence of a
world leader in the hydrogen industry. The opportunity to bid up to
1GW per annum of electrolysis equipment from Bessemer Park gives
the Company a powerful cost reduction trajectory. I am confident
that ITM Power and our partner Linde have a world class
offering."
Roger Bone, added: "I am delighted to take over from Roger
Putnam as chairman of ITM Power and to oversee the integration of
the Company's activities with Linde Engineering into a successful
joint venture. I thank Roger for his contribution and commitment to
the Company during his tenure and look forward to further
developing our governance to drive ITM Power forward."
For further information please visit www.itm-power.com or
contact:
ITM Power plc (0)114 244 5111
Graham Cooley / Andy Allen
Investec Bank plc (Nominated Adviser
and Broker) (0)20 7597 5970
Jeremy Ellis / Chris Sim / Ben Griffiths
/ Tejas Padalkar
Tavistock (Financial PR and IR) (0)20 7920 3150
Simon Hudson / Edward Lee / Barney
Hayward
About ITM Power plc:
ITM Power plc manufactures integrated hydrogen energy solutions
for grid balancing, energy storage and the production of green
hydrogen for transport, renewable heat and chemicals. ITM Power plc
was admitted to the AIM market of the London Stock Exchange in
2004. In October 2019, the Company announced the completion of a
GBP58.8 million fundraise, including a subscription by Linde of
GBP38 million, together with the formation of a joint-venture with
Linde to focus on delivering green hydrogen to large scale
industrial projects worldwide. ITM Power signed a forecourt siting
agreement with Shell for hydrogen refuelling stations in September
2015, (which was extended in May 2019 to include buses, trucks,
trains and ships) and in January 2018 a deal to deploy a 10MW
electrolyser at Shell's Rhineland refinery. ITM Power announced the
lease of the world's largest electrolyser factory in Sheffield with
a capacity of 1GW (1,000MW) per annum in July 2019. Customers and
partners include Sumitomo, Ørsted, National Grid, Cadent, Northern
Gas Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda,
Hyundai and Anglo American among others.
CEO's Review
The tender opportunity pipeline (TOP) continues to grow
highlighting the growth in interest of green hydrogen worldwide.
ITM Power has increasing commercial visibility of those projects
which are viable, and ready, and is becoming increasingly selective
about where it focuses its sales efforts, with an increasingly
rigorous bidding criteria for projects. ITM Power is working
closely with Linde to develop a joint bidding strategy appropriate
to the opportunities arising, and appropriate for ITM Linde
Electrolysis to bid. Going forward the TOP will begin to decrease
as larger industrial tenders are bid by ITM Power as
electrolyser-only sales, therefore excluding the EPC element (which
will fall to Linde via the joint venture). The pipeline will now
reflect the element of a solution that is specific to ITM Power,
therefore allowing the Company to focus on the element of a project
where its technology and expertise adds the greatest value.
Products Deployed in the Period
The opening, by HM King of the Netherlands, of the 1MW
electrolyser at Gasunie represented an important milestone for the
Group. The north Netherlands has a well-defined plan for the
deployment of electrolysis and it is now becoming an important
territory for the development of green hydrogen strategies.
The Company was also delighted to open its first bus refuelling
station in Pau, France, and has worked closely with Linde to
integrate the hydrogen production and bus refuelling equipment.
The network of ITM Power owned refuelling stations continues to
grow in the UK with the opening of our Gatwick station, on a Shell
forecourt. The total amount of hydrogen dispensed in the UK from
Jan-Dec 2019: 17,483 kg (GBP176,151) and 16,611 kg ($299,833) in
the USA over the same period.
Products in Build and Order Backlog
ITM Power continues to steadily process its order book. The
Group's current focus is the build of the Shell Refhyne project,
consisting of five 2MW standard modules that represent an important
reference plant for other quotes and deployments. In terms of the
project programme, the module build is expected to complete in
April 2020 with testing ongoing into the summer, which is in line
with the planned timescale for the project.
Financial Results
Total Income for the period was GBP3.8m (GBP5.0m), down 24%.
Revenue recognised for the period under review was GBP2.4m
(GBP1.2m), up 100%. This was supplemented by grant income of
GBP0.8m ( GBP2.5m) and GBP0.4m (GBP1.3m) of grants receivable for
capital projects, which impacts the balance sheet by subsidising
the build of assets that ITM Power owns and operates to generate
income. The Company expects the trajectory towards an improved mix
of revenue relative to grant income to continue as its works
through the current and future backlog.
The loss before tax for the half year was GBP9.8m (GBP5.2m).
This figure continues to be affected by certain legacy projects,
including that of the Shell Refhyne project, resulting primarily
from facing first-of-a-kind deployment challenges. These challenges
have been recognised by the board: the creation of the joint
venture with a global, world leading EPC partner will diminish the
Group's exposure to future deployment risk, and allow ITM to focus
further on developing its world-leading standard products.
Overhead costs were largely in line with expectations for the
year. However, in the past the Company has been able to offset some
overhead through grant income. This has diminished in the current
period (GBP0.8m vs GBP3.8m) as remaining EU grants have started to
reach a conclusion. Whilst there are new, UK, grant schemes
becoming available, the company's last major award of EU funds was
for the Refhyne project, awarded in 2016 (and contracted in 2017).
Whilst the company's future will increasingly be made up of revenue
through sales (and there has been a 100% year on year increase for
H1), the reduction in grant income has been steeper than
anticipated. The company shall continue to seek support via grant
funding when this aligns with the product and technology
development roadmaps.
Adjusting Post Balance Sheet Event
Since the period end the Company has received price indications
for installation and commissioning on the Refhyne project which are
likely to be higher than originally anticipated. The tender process
is continuing, with hopes that additional clarifications of works
will bring costs down from the outline estimates received to date.
A provision for loss which has been reflected in the statements
under cost of sales, at GBP1.9m, representing 16% of the total
contract value. The overrun reflects ITM's learning in being able
to accurately estimate the cost of installation of a major project
in an international refinery. Going forward, ITM Power will be
conducting these projects through ITM Linde Electrolysis GmbH and
the lead contracts will benefit from the estimating, quotation and
EPC delivery skills of Linde Engineering.
Cash and short-term deposits at the period end were GBP56.9m
(GBP5.2m at 30 April 2019 and GBP15.6m at 31 October 2018). This
reflects the receipt of proceeds from the equity raise completed in
October 2019. Debtor balances increased to GBP23.2m (GBP19.3m)
reflecting pro forma and stage payments made with suppliers. In the
second half of the year, cash burn shall increase as the work on
Bessemer Park progresses.
New Site: Bessemer Park
The new premises continue to progress, with the developers
handing over the landlord's completed build phase in November, just
after this period end. The Company is now focused on adapting the
site to meet its requirements. It is anticipated that the first
area of works will be the installation of an upgraded 5MW power
connection to facilitate the on-site testing of larger
electrolysers, which will support the Group's capability to deliver
large scale projects. The Clegg Group Ltd has been appointed to
complete the fit out. The development will also include an
extension to the existing offices and manufacturing and production
areas, as well as a test room for factory acceptance testing of
products. The programme of works at the factory is planned for
completion by Q3 2020, and is designed to enable the company to
reach a capacity of 1GW within three years.
Technology Progress
Technology progress in the year has focused on product
standardisation with the Company concentrating on its 2MW standard
offering, and its scalability to larger projects, as well as
developing the concept for the 5MW stack module for the next
generation of ITM Power electrolysis product.
Marketing
The Hannover Messe in April continues to be the company's
flagship event, and ITM Power will attend again in 2020. ITM Power
will also attend the Tokyo EXPO in February 2020 with Sumitomo. The
Company continues to issue a newsletter to people who sign up and
has launched a new website. A regularly updated list of all the
events the Company will be attending can be found at
http://www.itm-power.com/news-media/events
People
The Company now employs over 190 staff across the UK, USA,
France, Germany and Australia, and is well placed with the skills
mix to respond to the changing market for larger electrolyser
systems. The company has been focussed on production, project
delivery and after-sales support recruitment. Once again, the Board
would like to recognise the commitment of all staff as we continue
to be in a strong position, with strong industrial partners
globally, and the capability to increase volume and production in
the new site.
Outlook
Global energy markets are increasingly recognising the need for
the use of green hydrogen as an energy storage medium and as a
transport fuel, chemical fuel and for renewable heat. A number of
developed economies, including the Netherlands, Denmark, Germany,
Australia, Korea, Japan, China, and the UK have all developed
hydrogen roadmaps. In the UK, the Commission for Climate Change
(CC) Net Zero - Technical Report (published on 2 May 2019)
indicates that the UK will need between 6 and 17GW of electrolysis
to achieve its target of net zero by 2050. ITM Power, with its
joint venture ITM Linde Electrolysis GmbH is very well positioned
to capitalise on this opportunity. Following the successful
fundraising in October 2019, the Company also has the balance sheet
strength required to take on the challenge of large scale
industrial electrolysis.
Dr Graham Cooley
Chief Executive Officer
27 January 2019
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
Results for the six months ended 31 October 2019
Six months Six months Year ended
ended 31 October ended 31 October 30 April
2019 (unaudited) 2018 (unaudited) 2019 (audited)
GBP'000 GBP'000 GBP'000
Revenue 2,438 1,187 4,589
Grant income against cost of
sales 689 5 427
Cost of sales (5,649) (1,832) (6,182)
----------------- ----------------- ---------------
Gross profit (2,522) (640) (1,166)
Operating costs
Distribution expenses
* Research and development (1,087) (1,117) (2,327)
* Prototype production and engineering (4,318) (3,197) (6,202)
* Sales and marketing (771) (833) (1,713)
----------------- ----------------- ---------------
(6,176) (5,147) (10,242)
Administration expenses (1,938) (2,007) (4,738)
Other operating income - grant
income 807 2,506 6,799
-----------------
Loss from operations (9,829) (5,288) (9,347)
Investment income 15 29
Interest expense (10)
-----------------
Loss before tax (9,839) (5,273) (9,318)
Tax 25 79 (133)
----------------- ----------------- ---------------
Loss for the period (9,814) (5,194) (9,451)
OTHER TOTAL COMPREHENSIVE INCOME:
Foreign currency translation
differences on foreign operations 30 65 40
================= ================= ===============
Total comprehensive loss for
the period (9,874) (5,129) (9,411)
================= ================= ===============
Loss per share
Basic and diluted (3.0p) (1.8p) (2.9p)
================= ================= ===============
Weighted average number of shares 331,124,871 287,311,287 324,009,397
================= ================= ===============
The loss per ordinary share and diluted loss per share are equal
because share options are only included in the calculation of
diluted earnings per share if their issue would decrease the net
profit per share or increase the net loss per share.
All results presented above are derived from continuing
operations.
The loss for the period is equal to the total comprehensive
expense for the period.
Prior periods have not been restated in this transition to IFRS
16 Lease Accounting. Therefore comparison with the current period
may be affected for Distribution and Administration expenses and
Investment income. This is explained further in the accompanying
notes, which form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
Results for the six months ended 31 October 2019
Called Share Foreign
up share premium Merger Exchange Retained Total
capital account reserve reserve loss Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 May 2019 16,200 86,631 (1,973) 111 (74,760) 26,209
Loss for the period - - - - (9,814) (9,814)
Other comprehensive income
for the period - - - 30 - 30
--------- --------- --------- --------- ---------- ---------
Total Comprehensive income
for the period - - - 30 (9,814) (9,784)
Issue of share capital 7,353 50,443 - - - 57,796
Credit to equity for
equity settled share
based payments - - - - 182 182
At 31 October 2019 (unaudited) 23,553 137,074 (1,973) 141 (84,392) 74,403
========= ========= ========= ========= ========== =========
At 1 May 2018 16,200 86,631 (1,973) 71 (65,338) 35,591
Adjustment for IFRS15 (161) (161)
--------- --------- --------- --------- ---------- ---------
Adjusted balance at 1
May 2018 16,200 86,631 (1,973) 71 (65,499) 35,430
Loss for the period - - - - (5,194) (5,194)
Other comprehensive income
for the period - - - 65 - 65
--------- --------- --------- --------- ---------- ---------
Total Comprehensive income
for the period - - - 65 (5,194) (5,129)
At 31 October 2018 (unaudited) 16,200 86,631 (1,973) 136 (70,693) 30,301
========= ========= ========= ========= ========== =========
The accompanying notes form part of these financial
statements.
CONSOLIDATED BALANCE SHEET (UNAUDITED)
31 October 2019
As at 31 October As at 31 October As at 30
2019 2018 April 2019
(audited)
(unaudited) (unaudited) GBP'000
GBP'000 GBP'000
NON CURRENT ASSETS
Software & Development Costs 1,056 486 669
Property, plant and equipment 8,302 4,217 5,742
---------------- ---------------- -----------
9,358 4,703 6,411
CURRENT ASSETS
Inventories 3,519 1,652 1,906
Trade and other receivables 23,239 19,260 31,903
Cash and cash equivalents 56,878 15,603 5,173
---------------- ---------------- -----------
TOTAL CURRENT ASSETS 83,636 36,515 38,982
CURRENT LIABILITIES
Trade and other payables (14,362) (9,905) (17,579)
Lease liability (310) - -
Provisions (3,435) (1,011) (1,605)
---------------- ---------------- -----------
TOTAL CURRENT LIABILITIES (18,107) (10,916) (19,184)
NET CURRENT ASSETS 65,529 25,599 19,798
Long-term lease liability (484) - -
NET ASSETS 74,403 30,302 26,209
================
EQUITY
Called up share capital 23,553 16,200 16,200
Share premium account 137,074 86,631 86,631
Merger reserve (1,973) (1,973) (1,973)
Foreign Exchange Reserve 141 136 111
Retained loss (84,392) (70,692) (74,760)
---------------- ---------------- -----------
TOTAL EQUITY 74,403 30,302 26,209
================ ================ ===========
The accompanying notes form part of these financial
statements.
CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
Results for the six months ended 31 October 2018
Six months Six months Year ended
ended 31 October ended 31 October 30 April
2019 (unaudited) 2018 (unaudited) 2019 (audited)
GBP'000 GBP'000 GBP'000
Loss from operations (9,830) (5,288) (9,347)
Adjustments:
IFRS 15 adjustment - (128) (145)
Depreciation of property, plant
and equipment 1,089 887 1,773
Loss on disposal 92 - -
Impairment reversal - - (24)
Amortisation 126 53 122
Share based payment 182 - 184
Operating cash flows before movements
in working capital (8,341) (4,476) (7,437)
Decrease/ (Increase) in inventories (1,614) (998) (1,251)
Decrease/ (Increase) in receivables 8,637 (755) (13,571)
(Decrease)/ Increase in payables (3,215) 1,974 9,651
Increase in provisions 2,624 163 757
----------------- ----------------- ---------------
Cash from/ (used in) operations (1,909) (4,092) (11,852)
Income taxes received 52 76 77
----------------- ----------------- ---------------
Net cash used in operating activities (1,857) (4,016) (11,774)
----------------- ----------------- ---------------
Investing activities
Purchases of property, plant and
equipment (3,950) (640) (3,052)
Proceeds from sale of plant & equipment 224 - -
Payments for intangible assets (513) (183) (436)
----------------- ----------------- ---------------
Net cash (used in) investing activities (4,239) (823) (3,488)
----------------- ----------------- ---------------
Financing activities
Proceeds from issue of shares 58,822 - -
Costs associated with fund raise (1,026) - -
Net interest (10) 15 29
----------------- ----------------- ---------------
Net cash from financing activities 57,786 15 29
----------------- ----------------- ---------------
Increase/ (decrease) in cash and
cash equivalents 51,690 (4,824) (15,233)
Cash and cash equivalents at the
beginning of the period 5,173 20,403 20,403
Effect of foreign exchange rate
changes 15 24 3
-----------------
Cash and cash equivalents at the
end of the period 56,878 15,603 5,173
================= ================= ===============
Cash Burn
Cash burn is a measure used by key management personnel to
monitor the performance of the business.
Six months
Six months ended 31 Year ended
ended 31 October October 2018 30 April
2019 (unaudited) (unaudited) 2018 (audited)
GBP'000 GBP'000 GBP'000
Increase/ (Decrease) in Cash and
Cash equivalents per the cash flow
statement 51,690 (4,824) (15,233)
Effect of foreign exchange rates 15 24 3
Less share issue proceeds (net) (57,796) - -
Cash Burn (52,621) (4,800) (15,230)
----------------- ------------- ---------------
The accompanying notes form part of these financial
statements.
The condensed Interim Financial Statements were approved by the
board of Directors on:
27 January 2019
Notes to condensed Interim Financial Statements
1. Basis of preparation of interim figures
The interim financial statements have been prepared using
accounting policies consistent with International Financial
Reporting Standards (IFRSs) as adopted for use in the EU. While the
financial information included in this interim announcement has
been compiled in accordance with the recognition and measurement
principles of IFRSs, this announcement does not itself contain
sufficient information to comply with IFRSs. This interim financial
information does not constitute statutory financial statements
within the meaning of section 435 of the Companies Act 2006. The
financial information for the six months periods ended 31 October
2018 and 2019 have not been subject to an interim review. The
information relating to the year ended 30 April 2019 has been
extracted from the Group's published financial statements for that
year, which contain an unqualified audit report that does not draw
attention to any matters of emphasis, and did not contain
statements under section 498(2) and 498(3) of the Companies Act
2006 and which have been filed with the Registrar of Companies.
The Group's condensed interim financial statements have been
prepared in accordance with the principles of IAS 34 Interim
Financial Reporting as adopted by the European Union. The principal
accounting policies adopted by the group are as applied in the
Group's latest annual audited financial statements.
The financial statements have been prepared on the historical
cost basis. The principal accounting policies adopted by the Group
are as applied in the Group's latest audited financial statements,
except that in the period the company adopted IFRS 16 for the first
time. The details of this adoption is set out in note 3 of this
announcement.
Going concern
The Directors have prepared a cash flow forecast (the
"Forecast") for the period to 31 January 2021 (the "Forecast
Period"). The Forecast includes a number of assumptions, including
the level of projected sales and grant income, the timing of which
is inherently uncertain.
The Directors have a reasonable expectation that the Company and
Group can continue to meet their liabilities as they fall due, for
a period of not less than twelve months from the date of approval
of this condensed set of financial statements.
Accordingly, the financial statements have been prepared on a
going concern basis.
2. Revenue, other operating income and investment income
The following accounted for more than 10% of total revenue:
H1 2019 H1 2018
Customer A GBP666,015 <10%
Customer B GBP815,187 <10%
Customer C GBP377,792 <10%
Customer D <10% GBP788,838
An analysis of the Group's revenue is a follows:
H1 2019 H2 2018
GBP'000 GBP'000
Continuing operations
Revenue from construction contracts 1,687 950
Consulting services 392 16
Maintenance services 30 34
Fuel sales 237 158
Other 93 29
--------- ---------
Revenue in the Consolidated Income Statement 2,438 1,187
Grant income 1,496 2,505
Investment income 10 15
--------- ---------
3,944 3,707
========= =========
Revenues from major products and services
The Group's revenues from its major products and services were
as follows:
2019 2018
GBP'000 GBP'000
Continuing operations
Power-to gas 233 959
Refuelling 908 193
Chemical Industry 822 4
Other 475 31
-------- --------
Consolidated revenue (excluding investment revenue) 2,438 1,187
======== ========
GEOGRAPHIC ANALYSIS OF REVENUE
A geographic analysis of the Group's revenue is set out
below:
2019 2018
GBP'000 GBP'000
United Kingdom 583 314
Germany 832 (10)
Rest of Europe 868 800
North America 155 82
---------
2,438 1,187
========= =========
3. Leases (Transition to IFRS 16)
The new accounting standard is effective for years commencing on
or after 1 January 2019. Under the new standard, the distinction
between operating and finance leases is removed and most leases
will be brought onto the statement of financial position, as both a
right-of-use asset and a corresponding lease liability.
We have used the modified retrospective transitional approach
meaning that the lease liability and equivalent right of use asset
are brought on to the balance sheet at the discounted amount
applicable at the transition date. Prior year financial information
will not be restated, resulting in no impact on retained earnings
on transition.
The right to control the use of an asset over a period of time
applies when the lessee has the right to obtain substantially all
the economic benefits from the use of the asset and the right to
direct the use of the asset. If the lessor has the substantive
right to substitute the asset during this period, then it would not
meet this condition. Two potential exemptions can also be applied
-for leases of less than 12 months duration or of low value. For
these reasons, we have not included temporary equipment hire for
projects nor the rent-a-room office and storage facilities.
A key judgement associated with the adoption of this standard is
the identification of the discount rate to be used to calculate the
present value of the future lease payments on which the reported
lease liability and right-of-use asset are based. With no clearly
defined interest rates for our existing leases and no incremental
borrowing rate known for the group, we have selected discount rates
of 2.5% (properties) and 5% (non-property) based on similar
companies and leases.
The impact on the current period financial statements is
described below:
Liability Half-year Interest recognised Depreciation
at 1/5/19 operating in current recognised
costs under period in current
old standard period
GBP000s GBP000s GBP000s GBP000s
Property leases 898 158 8 150
Van leases 59 18 2 16
----------- -------------- -------------------- -------------
957 176 10 166
=========== ============== ==================== =============
4. Business Combinations
ITM Power have entered into a Joint Venture (JV) with Linde
Engineering. The creation of ITM Linde Electrolysis GmbH in January
2020 will require ITM Power, as 50% owner, to make a GBP2m
investment initially with the view that the JV will provide a
conduit for larger scale projects.
Under the JV, ITM Power will supply its technical know-how and
products in manufacturing and commissioning hydrogen electrolysers,
while Linde will supply their experience of coordinating and
executing EPC projects.
The JV will operate under joint ownership of 50% ITM Power and
50% Linde shareholdings, with no one party having control.
Accounting for the JV will take the form of an investment on the
balance sheet of ITM Power PLC.
-ends-
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END
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