The Equity Capital Markets team from Burges Salmon has advised long-standing client ITM Power, a leading designer and manufacturer of industrial-scale electrolysers for green hydrogen production, on the £40 million strategic equity investment by Great British Energy. Alongside the equity investment, ITM Power has also received confirmation that the Department for Energy Security and Net Zero intends to award it a grant of £46.5 million.
The combined proceeds will support ITM Power’s plans to establish large scale UK manufacturing capability for Chronos, its next generation electrolyser stack technology, and enable the development of a new automated manufacturing line with an annual production capacity of up to 1GW. Chronos is designed to deliver improved energy efficiency, lower production costs and enhanced performance, supporting the industrial-scale adoption of green hydrogen. The planned manufacturing line will build on ITM Power’s existing UK operations and is expected to create additional skilled employment as demand for hydrogen technologies continues to grow.
The transaction represents a strong endorsement of ITM Power’s technology, delivery and credibility, and demonstrates the UK government’s commitment to promoting the UK’s sovereign technology and manufacturing capability in clean energy infrastructure.
The Burges Salmon team was led by partner AJ Venter, with support from director Guy Francis and solicitor Will Penfold.
