Tag Archives: Sheffield

‘Smart city’ project funds bids for share of £24 to green up UK cities.

The city of Sheffield is amongst those who have been awarded £50,000 from the UK Technology Strategy Board in a ‘smart city’ project. The money will go towards exploring potential improvements that might be made to the efficiency and coverage of district energy networks, and the use of smart technologies.

Over the next few months they, and other candidates, will put together a bid for a share of £24m that is available, which will be used to help make Sheffield an even greener city. They are currently working with a number of key partners within the city, including E.ON, Veolia and The University of Sheffield, looking into how the use of new smart technologies can improve their heat network; managing supply and demand, expand the existing network, and create new ones.

In regards to the applications, Joe Dignan, chief public sector analyst for Ovum, remarked “Over 50 applications which met the scope were considered for the funding, and 30 were given, rather than the 20 planned, because they were so good.”

Nottingham, Leeds, Derby and Bradford councils were also successful in receipt of £50,000 in funding for their own bids.

ITM Power and their plans

ITM Power, a clean fuel firm based in Sheffield, wants to fund its growth, and they are planning to do this by raising up to £9m through share issues. The company develops and sells electrolyster technology to turn electricity into hydrogen gas. The company already raised £5m by issuing 10 million new ordinary shares at 50p per share to institutional investors and non-executive director Peter Hargreaves. Via an open offer, they want to issue another eight million shares. This could take the total money raised to around £8.9m.

Non-executive chairman of ITM Power, Roger Putnam, said that this is a crucial time for the development of the company. It’s important for the company to have a strong balance sheet so the on-going commercial relationships can be supported and stay supported. He said that he was very delighted that Peter Hargreaves, the existing institutional shareholders, and some new institutions showed their commitment to the company in this funding round.

Since the first pack of issued shares was just for the institutional investors, the board felt like this is unfair for the existing shareholders. That’s why they are making an open offer of shares to the existing shareholders at the same price at the offer of shares to the institutional investors. The existing shareholders need this opportunity to keep participating alongside the institutional shareholders.

Yesterday, the company also revealed its annual results. This year it includes the first significant revenue of £480.000. The company says that their outlook is positive with early revenue streams developing.

Professor Putnam said that ITM power has successfully positioned itself from a platform of commercially launched electrolyster products.  Now they can address the clear opportunities within energy storage and clean fuel generation from renewable power to help build a greener environment and Smart Cities within the UK.

ITM Power is now also at the heart of two initiatives that will define the deployment of hydrogen fuel and energy systems in the UK, UKH2Mobility and Ecoisland.

They came to this point by working so hard to develop and build key relationships. The Technology Strategy Board granted a £1.3m grant to ITM Power to fund a hydrogen
storage and vehicle refueling system on the
Isle of Wight, part of the project called Ecoisland. And as a member of UKH2Mobility, ITM Power helps to ensure that the UK is well positioned for the commercial roll-out of hydrogen fuel cell electric vehicles.