ITM Power in £10m fundraising

05 February 2014

ITM Power, a Sheffield headquartered energy storage and clean fuel company, is to raise £10m through a placing.

The company said it would use the proceeds to provide it with additional working capital and financial resources to develop its facilities in the UK, US and Germany.

Chief executive Graham Cooley and director Peter Hargreaves have subscribed to shares which will take their stakes in ITM to 0.23 per cent and 9.21 per cent respectively.

The fundraising is conditional on shareholder approval being obtained as well as admission of the placing shares to trading on AIM.

"The equity injection comes at a key inflection point for ITM Power," said Cooley. "It will help fund the company's ability to address its rapidly growing pipeline of opportunties in both the power-to-gas and hydrogen refueling markets further establishing its rapid reponse electrolyser technology.

"We are able to deliver our technology internationally to these two markets which we believe are set for significant growth. We are delighted to welcome some new institutions onto the ITM register and are equally delighted with the support from our existing shareholders."