(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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Itm Power (ITM)