ITM Power announces completion of £29.4m working capital fundraise


ITM Power has raised £29.4m via a firm placing and open offer to support the delivery of its contract backlog and opportunity pipeline.

Last month, 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.

ITM Power £29.4m share placing

The energy storage and clean fuel company has 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%.

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