(Alliance News) - ITM Power PLC said Tuesday it has raised GBP6.8 million through an open offer of shares, in-line with the company's initial target.
The energy storage firm issued 17.1 million shares to qualifying shareholders, on the basis of one open offer share for every existing 19 shares, at a price of 40 pence each.
In addition to the placing that raised GBP14 million through the issue of 35.0 million shares, and a GBP38.0 million subscription by Linde Engineering for 95.0 million shares, ITM stands to raise GBP58.8 million in total.
Shares in ITM Power were down 1.6% at 48.00p each on Tuesday afternoon in London.
Proceeds from the share issue will go towards growing ITM Power's manufacturing capabilities, namely the group's move to its new Bessemer Park facility in Sheffield with an annual production capacity of 1000 megawatts per annum.
This will allow the group to develop a new five megawatts electrolyser module and meet the funding requirements for its green hydrogen joint venture with Linde.
Following the issue, ITM Power will have 471.1 million shares issued overall.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Itm Power (ITM)