12 November 2020

Snam is one of the world’s leading energy infrastructure operators and one of the largest Italian listed companies.

Burges Salmon (led by Corporate team partner Rupert Weston) advised ITM Power on the fundraise and also on the terms of a commercial partnership with Snam. Thompson Hine LLP advised ITM Power on US securities law and Stikeman Elliott advised on Canadian securities law.

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.

Not only is this great news for ITM Power, with the funds raised facilitating the acceleration of their response to the growing worldwide demand for green energy, but it is also testament to the continuing ability of the AIM market to deliver capital. Despite the impact of the COVID pandemic AIM companies have raised, via secondary fundraisings, c£4.1 billion up to the end of October. ITM Power’s fundraise of £172 million is the third largest AIM fundraise in 2020.

Rupert Weston comments: “We are delighted to have assisted ITM Power in implementing this significant fundraise and the associated partnership arrangements with Snam. We have worked with ITM Power since its admission to AIM in 2004, including in relation to a number of funding rounds, and have always been impressed with its ambitions for growth and its exciting technology. By concluding the third largest fundraise on AIM this year this is also testament to the access to capital which AIM has been able to deliver since the start of the pandemic, allowing AIM companies both to shore up their balance sheets and also to raise capital to ensure they are well placed to take advantage of opportunities, as the world begins to look beyond COVID.”

Key contact

Rupert Weston

Rupert Weston Partner

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