Following its successful firm placing and open offer, ITM Power has seen its deal pipeline increase by £5.9m in the last two months.

In September, the UK-based company said it planned to raise £25m (before expenses) through a placing of 62.5m New Ordinary Shares at a price of 40p per share with certain existing and new institutional investors. ITM Power also said it wanted to raise up to £4.4m through an open offer of 10.9m New Ordinary Shares.

Last month, ITM Power announced it has received valid acceptances in respect of 10,896,225 New Ordinary Shares pursuant to Qualifying Shareholders’ Open Offer Entitlements representing a percentage take up of 100%.

The company said the aggregate amount raised pursuant to the open offer was approximately £4.4m and the aggregate amount raised pursuant to the firm placing and open offer was approximately £29.4m.

The energy storage and clean fuel company company said it currently has £20.2m of projects under contract and a further £22.4m of contracts in the final stages of negotiation.

ITM Power’s CEO Graham Cooley highlighted, “Our strong pipeline growth reflects the hydrogen (H2) and energy storage markets’ rapid growth worldwide and ITM’s focus on commercial sales. This is a very exciting time for the energy industry, and ITM Power is at the forefront of a market which will revolutionise air quality and energy storage for future generations. 

Products in build

ITM Power said it currently has 12 units within its manufacturing facility in Sheffield which are either in build, undergoing factory acceptance testing or ready for shipment. An additional five units are being commissioned in the field ahead of coming online, giving a total of 17 units, or five megawatts (MW) of installed capacity.

The production plan starting in 2018 already exceeds 15MW of capacity.

Larger facility

In line with ITM Power’s growth strategy and manufacturing plans, the order backlog and opportunity pipeline demonstrates a clear trend towards bigger unit sizes and larger scale industrial applications.

In order to accommodate the increased numbers and size of units in production, Heads of Terms are being negotiated for a relocation to a larger facility which will accommodate all functions of the company.