Energy storage specialist fails to spark up investors | Business

Shares in ITM Power fell to a four-month low after the energy storage specialist warned investors that it would probably report an even bigger loss for this year.In a trading update, the Sheffield-based hydrogen power business said it expects to make an adjusted loss before interest, tax, depreciation and amortisation of £36.5 million, more than the £21.4 million loss a year before. It put the loss down to increased spending on ramping up production and delivering projects.However, ITM has a “record backlog” of work, which stood at 755 megawatts as of the start of June, a 53 per cent increase this year.Dr Graham Cooley, ITM Power’s chief executive said the war in Ukraine has accelerated many countries’ intent to increase energy and

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