In addition, ITM Power intends to raise up to c.£6.8 million through an open offer of 17,053,126 new ordinary shares at 40 pence per share.
ITM Power has also entered into a 50/50 joint venture with Linde which will focus on delivering green hydrogen to large scale industrial projects.
Investec’s Chris Sim commented:
“Investec is excited to have supported ITM Power with its recent fundraising. Together with the transformative investment and joint venture with Linde, a world leader in industrial gas and engineering, this capital raising will provide the company with a strong platform for the next stage in its journey.”
ITM Power is a specialist manufacturer of integrated hydrogen energy systems and was the first United Kingdom-based fuel cell company to go public when the company floated on the Alternative Investment Market (AIM) in 2004.
For more information, please contact:
Luke O’Mahony, Investec (Public Relations) - 020 7597 5261
Sarah Oppler, Lansons (PR agency for Investec CIB) - 020 7597 9709
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