ITM Power has conditionally raised a total of £5.7m ($7.1m) from the accelerated bookbuild offering.

Graham Cooley, CEO, said, “We are pleased to announce this successful placing to raise £5.7m ($7.1m) which demonstrates clear support from both new and existing shareholders. The proceeds of the placing will ensure that we have the required working capital to deliver our current pipeline and future growth. The Company is looking forward to an exciting phase of delivery and the proceeds of the placing will strengthen our balance sheet and enable us to be more competitive in tenders”.

Interim results

ITM power has announced its interim results for the six-month period ended 31st October 2016. The group has recognised total revenue and grant funding of £2.97m ($3.71m) in the period and currently has £16.98m ($21.24m) of projects under contract with a further £1.37m ($1.71m) of contracts in the later stages of negotiation, making a total pipeline of £18.35m ($22.95m). In the 2016 calendar year, orders have totalled £15.68m ($19.61m), representing an increase of 100% year on year (YoY).

Graham Cooley, CEO, commented, “The last six months have seen significant development of our refuelling infrastructures around London and whilst this has been a key area of progress, we have also maintained a focus on our other markets and products. Demand for quotes and interest in our products and expertise continue to grow, resulting in some sizeable contracts for the second half of the current year and beyond. We hope that we can continue to develop our technology, contacts and order book as demand for our products and know-how increases on the back of these high-profile undertakings.”

Roger Putnam, Chairman, added, “While changes in world economies and the UK’s relationship with Europe in particular, have provided challenges for UK businesses, ITM Power has progressed with its refuelling projects in the UK and continues to receive significant interest from overseas power-to-gas markets, further raising the profile of ITM Power as a world leader in the deployment of PEM electrolysis.”