ITM Power to raise a further £250 million to fund a new hydrogen factory
ITM Power, the Sheffield-based producer of electrolyser machines that make hydrogen from water, is to raise £250 million to help finance the construction of a second bigger factory in the UK and another plant overseas in an international market where there is significant demand for electrolyser machines. The company, which is listed on AIM will raise the new funds by way of a further equity issue.
The Company has announced that the Placing was oversubscribed, and that it has conditionally placed 57,495,000 Placing Shares with institutional investors and certain directors at a price of 400 pence per New Share. In conjunction with the Placing, Linde and a member of the senior management have subscribed for 5,005,000 new ordinary shares in the capital of the Company.
As ITM’s trusted investor and shareholder communications partner, the Perivan team were delighted to work with the Company on the Placing requiring the production of a prospectus, which was successfully published and posted to qualifying shareholders on 15th October 2021.
Perivan specialise in the production and publication of financial documents relating to shareholder and investor communications for quoted companies, private companies and open and closed-ended funds.