Burges Salmon advises ITM Power on its firm placing to raise £5.7m

Our corporate team has advised the AIM quoted company on a placing that will help to deliver its current pipeline and ensure future growth.

07 February 2017

The corporate team from Burges Salmon has advised energy storage and clean fuel company, ITM Power plc, an AIM quoted company, on its firm placing of new ordinary shares with institutional investors to raise £5.7 million. The new ordinary shares will be issued at 17 pence per share.

The firm placing was arranged by Zeus Capital. Completion of the fundraising is conditional upon resolutions being passed at the general meeting on 16 February 2017.

Dr Graham Cooley, CEO of ITM Power, commented: "We are pleased to announce this successful placing to raise £5.7 million, which demonstrates clear support from both new and existing shareholders. The proceeds of the placing will help to ensure that we have the required working capital to deliver our current pipeline and future growth.”

Burges Salmon corporate team partner Mark Shepherd, senior associate Mark Cook and solicitors Chris Palmer and Martin Davidson advised long-standing client ITM Power on the fundraising.

Key contact

Mark Shepherd

Mark Shepherd Partner

  • Head of Private Equity
  • Corporate
  • Healthcare

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