23rd Oct 2020 15:54
ITM Power PLC - Sheffield-based hydrogen energy solutions - Raises GBP135 million through placing of 57.4 million shares at a price of 235 pence each. Also raises GBP30 million through share subscription by Snam Spa, leading to total fundraise of GBP165 million. Placing size was increased due to strong investor demand.
Net proceeds of the fundraising will be used mainly to enable an acceleration of technology, manufacturing and operational capabilities in response to the rapidly growing global demand for large-scale electrolysis.
Will launch open offer to issue up to 3.0 million shares to raise around GBP7.0 million, on the basis of 1 open offer share for every 160 existing shares held.
Current stock price: 269.00 pence
Year-to-date change: more than tripled from 71.10p
By Dayo Laniyan; [email protected]
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