3rd Mar 2016 09:34
LONDON (Alliance News) - Energy storage and clean fuel company ITM Power PLC on Thursday said it has continued to secure new projects for its pipeline and is confident on its outlook after securing new funding in January.
ITM said it now has GBP9.7 million in projects under contract, plus a further GBP9.0 million in the final stages of negotiation, meaning its total pipeline is at GBP18.7 million.
The company said it raised GBP5.8 million through a placing and open offer in January which has shored up its balance sheet and given it the working capital needed to pursue the pipeline of work.
"Client confidence in ITM Power has increased as a result of the stronger balance sheet. We look forward to updating the market as further sales are achieved," said ITM Chief Financial Officer Andy Allen.
ITM shares were up 4.9% to 13.106 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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