CLEAN energy company ITM Power yesterday reported a widened interim loss due to legacy issues related to the firm's Shell Refhyne project.

The company, which manufactures hydrogen fuel storage cells, fell to a £8.3m loss, 84 per cent higher than last year's £5.3m loss. This came despite ITM doubling its revenue to £2.4m.

The firm said that its new joint venture with Irish manufacturing giant Linde will be "transformative" for the company.

The joint venture will focus on delivering green hydrogen to large scale industrial projects, and will diminish ITM's exposure to future deployment risk and allow it to focus on its own developments.

So far the partnership has seen ITM raise £58.8m, which the firm said it had used to fund the continuing development of its fivemegawatt electrolyser module. As a result of the deal the firm's pipeline is now worth £248m, with 37 projects worth £6.7m each, Shares in ITM fell nearly seven per cent yesterday to 101.5p.

(c) 2020 City A.M., source Newspaper