23 October 2020

Burges Salmon’s Corporate team is pleased to confirm that it is advising long-standing client ITM Power in relation to a firm placing of £135 million, a strategic investment of £30 million from Italian energy infrastructure operator Snam and an open offer of up to £7 million. The fundraising is being undertaken alongside a new commercial partnership with Snam, in respect of polymer electrolyte membrane (PEM) electrolysis projects.

ITM Power manufactures integrated hydrogen energy solutions to enhance the utilisation of renewable energy that would otherwise be wasted. Its products generate hydrogen gas, based on PEM technology, which only uses electricity (renewable) and tap water to generate hydrogen.

Graham Cooley, Chief Executive Officer of ITM Power, comments: “Our agreement and preferred supplier status with Snam more than doubles our contract backlog, a signpost of future revenue measuring amounts under contract and in the latter stages of negotiations, to £118 million while our tender opportunity pipeline, where we have provided written quotations over the last 12 months, now stands at some £325 million. Raising additional funds allows us to accelerate our response to the growing worldwide demand for green hydrogen as a key tool in meeting net zero targets. I am delighted to add Snam to our roster of partners. Snam is one of the world’s leading energy infrastructure operators and are committed to supporting our industry, showcased by our preferred supplier status for 100MW of PEM electrolysis equipment.”

Corporate partner Rupert Weston led the Burges Salmon team, which worked closely with ITM Power’s Nicola Ham Edmonds (Head of Legal and Company Secretary) and James Haikney (Senior Legal Counsel). Rupert comments: “We have worked with ITM Power for many years now and have always been impressed with its ambitions for growth and its exciting technology. We are therefore delighted to be advising, alongside Nicola and James, on the partnership with Snam and the latest fundraising round. We look forward to seeing ITM Power continue to go from strength to strength.”

Rupert Weston, partner Helen Scott-Lawler, associates Guy Francis and Bethan Penrhyn-Jones, solicitors Tom Currie and Andrew Wilson advised ITM Power on the partnership and fundraising. 

Key contact

Rupert Weston

Rupert Weston Partner

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