By Jason Deign
A deal with engineering and consultancy giant Ove Arup & Partners last week has not prevented hydrogen systems developer ITM Power from sliding in value.
Arup’s memorandum of understanding should have been an end-of-year fillip for ITM Power, but investors on the UK’s Alternative Investment Market punished the company by driving stock levels to their lowest level all year.
As Energy Storage Report went to press the stock was trading at under GBP£22 a share. The stock fell more than 5% the day after the Arup announcement.
At that point the company, which now has a market capitalisation of £38.5m, had lost almost a quarter of its value since May.