[South Africa] Investec leads successful capital raising for ITM Power
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.