Burges Salmon advises ITM Power plc on placing to raise £10m

Burges Salmon's Corporate team has advised the energy storage and clean fuel company, ITM Power plc, on an equity injection of approximately £10 million by way of a placement of new ordinary shares.

05 February 2014

Burges Salmon has advised the energy storage and clean fuel company, ITM Power plc, an AIM quoted company, on its initiative to raise approximately £10 million by way of a placing of 33,333,333 new ordinary shares at 30 pence per share.

The placing was arranged by Zeus Capital Limited and is on a non pre-emptive basis to existing and new institutional investors. Admission is proposed to occur on 24 February 2014, conditional on shareholder approval at a general meeting to be held on 21 February 2014.

Commenting on the placing, Dr Graham Cooley, ITM's Chief Executive, said: 'This equity injection comes at a key inflection point for ITM Power. It will help fund the Company's ability to address its rapidly growing pipeline of opportunities in the both power-to-gas and hydrogen refueling markets further establishing its rapid response electrolyser technology. We are able to deliver our technology internationally to these two markets which we believe are set for significant growth.'

Corporate team partner Mark Shepherd and senior associate AJ Venter advised ITM Power on the fundraising.

Key contact

Mark Shepherd

Mark Shepherd Partner

  • Head of Private Equity
  • Corporate
  • Healthcare

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