ITM Power, the Sheffield-based energy storage and clean fuel company, has raised £165 million.
The listed company raised £135 million with the placing of new ordinary shares. The further £30 million was provided via a Share Subscription by Snam, an Italian energy infrastructure company.
The additional funds will be used to further accelerate the maximisation of manufacturing capacity and to invest in the Group’s operational capabilities.
“The growth of global markets for green hydrogen is accelerating fast. As a result of this successful fundraise, ITM Power is well positioned to build on its existing leadership and capitalise on this rapidly developing market,” said Dr Graham Cooley, CEO of ITM Power.
“We are delighted with the results of the fundraise and thank our existing shareholders for their support and welcome our new investors.”