By Anthony O. Goriainoff


ITM Power PLC said Thursday that it intends to raise a minimum of 150.0 million pounds ($196.0 million) via a strategic investment, a conditional placing, and nonunderwritten open offer.

The London-listed hydrogen energy solutions manufacturer said the strategic investment will be of GBP30.0 million at 235 pence per share from energy infrastructure operator Snam SpA. The conditional placing will consist of GBP120.0 million with certain existing and new institutional investors, while the nonunderwritten open offer will be for up to GBP7.0 million, and both of these at the placing price.

"The net proceeds of the fundraising will be used by the group principally to enable an acceleration of the group's technology, manufacturing and operational capabilities in response to the rapidly growing global demand for large-scale electrolysis," the company said.

It said the firm placing was being conducted through an accelerated bookbuild.

The company added that is has also entered into a commercial partnership agreement with Snam, conditional upon the successful completion of the share subscription. Under the agreement the company will the preferred supplier for the first 100 megawatts of polymer electrolyte membrane electrolysis projects ordered by Snam.

"Our agreement and preferred supplier status with Snam more than doubles our contract backlog, a signpost of future revenue measuring amounts under contract and in the latter stages of negotiations, to GBP118 million while our tender opportunity pipeline, where we have provided written quotations over the last 12 months, now stands at some GBP325 million," Chief Executive Graham Cooley said.


Write to Anthony O. Goriainoff at


(END) Dow Jones Newswires

October 22, 2020 13:30 ET (17:30 GMT)

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