12th Mar 2015 08:18
LONDON (Alliance News) - ITM Power PLC shares rose strongly early Thursday after it said it has secured a GBP4.9 million strategic investment from JCB Research, a unit of construction equipment manufacturer JCB, and Valebond Consultants Ltd.
The investors have agreed to subscribe for 16.2 million shares in the company at a price of 30 pence per share, representing a total of 9.1% of ITM's issued share capital.
ITM shares were up 15% to 30.00 pence on Thursday, one of the best performers in the AIM All-Share index.
JCB will get the right to nominate a person to the board of ITM under the agreement.
"In addition to the new funds that this investment brings to ITM Power, we are delighted to have on board a strategic investor who can potentially add significant value to our business. I look forward to working with JCB as we scale up our business and seek to enter new markets with our product offering," said ITM Chief Executive Graham Cooley.
By Sam Unsted; [email protected]; @SamUAtAlliance
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