Business
Align Research ITM Power update note release
Align Research ITM Power update note release.
About this update from Itm Power Plc
[{"type":"text","content":"\n \nRNS Number : 0253Y ITM Power PLC 28 February 2017 \n\nITM Power Plc update note. Conviction Buy recommendation intact. New price target 37.9p\nSince our initiation of coverage in August 2016, renewable energy specialist ITM Power has made good operational progress in its two divisions, with the wider hydrogen energy industry continuing to attract investment from governments and industry across its target markets.\n£5.7 million fundraising completed to support growth\nITM's cash position of £1.7 million as at 31st October 2016 was recently boosted by the proceeds of a £5.7 million firm placing. The funds will be used for working capital to support the growing order book, to strengthen the balance sheet and drive the move towards positive cash flow. \nPower-to-Gas division scaling up\nIn the Power-to-Gas division, ITM has announced three further contracts for the supply of electrolysers, including for a landmark UK trial. The focus now is upon scaling up its electrolysis equipment to serve larger markets.\nDeveloping relationship with Shell in Clean Fuel\nIn collaboration with industry partners, including energy giant Shell, ITM has continued with the successful roll-out of its hydrogen refueling stations across the UK. Driving the monetisation of its estate, six further fuel contracts with fleet operators have been signed over the past six months & more expected.\nValuation suggests significant upside from current levels\nWith ITM continuing to trade in line with expectations we maintain our forecasts as set out in our initiation of coverage note. Accounting for the increased number of shares in issue following the placing our fair value target moves to 37.9p from 43.8p. With this implying 110% upside from the current share price of 18p, we maintain our Conviction Buy stance.\nFULL NOTE FOR DOWNLOAD HERE - http://www.alignresearch.co.uk/cpt-company/itm-power/\n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END NRAMMGZZNRLGNZG\n ","length":2799,"tagName":"div"}]