ITM Power raises GBP250 million to expand manufacturing capacity

(Alliance News) - ITM Power PLC on Friday said it has raised GBP250 million through its capital ...

Alliance News 15 October, 2021 | 9:38AM
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(Alliance News) - ITM Power PLC on Friday said it has raised GBP250 million through its capital raise, which will go towards expanding the company's operations, including the development of a second manufacturing facility in the UK and a new international factory.

These facilities, once completed are expected to increase the Sheffield-based hydrogen power equipment maker's manufacturing capacity to 5 gigawatts per annum by 2024.

ITM raised the funds through an oversubscribed placing of 57.5 million shares at a price of 400 pence per share, and a subscription by Dublin-based chemicals firm Linde PLC and company management for 5.0 million shares at the same price.

The price per share reflects a 16% discount from ITM Power's closing price of 474.80p on Thursday.

Shares in ITM Power were down 7.6% at 438.70 pence on Friday morning in London.

The capital raise is now conditional on shareholder approval at a general meeting to be held on November 3.

Following the issue, ITM Power nor has 613.2 million shares issued overall.

By Dayo Laniyan; dayolaniyan@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
ITM Power PLC 50.00 GBX -1.09 -

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