[South Africa] Investec leads successful capital raising for ITM Power
28-11-2019 11:59:00 | by: Pie Kamau | hits: 3320 | Tags:

Investec Corporate and Investment Banking (“Investec”) has acted as Nominated Adviser, Financial Adviser and Broker to ITM Power plc (ITM Power) on its intention to raise at least £ 52 million through a strategic investment or £ 38.0 million at 40 pence per share by Linde UK Holdings, a member of the Linde AG group (Linde), and a conditional placing of £ 14.0 million at 40 pence per share with existing and new institutional investors.

In addition, ITM Power intends to raise up to £ 6.8 million through an open offer or 17,053,126 new ordinary shares at 40 pence per share. ITM Power has also entered into a 50/50 joint venture with Linden which will focus on delivering green hydrogen to large scale industrial projects.

Investec's Chris Sim commented: “Investec is excited to have ITM Power with its recent fundraising. Together with the transformative investment and joint venture with Linde, a world leader in industrial gas and engineering, this capital raising will provide the company with a strong platform for the next stage in its journey. ”

ITM Power is a specialist manufacturer of integrated hydrogen energy systems and was the first United Kingdom-based fuel cell company to go public when the company floated on the Alternative Investment Market (AIM) in 2004.