Pressure Technologies, the listed Sheffield-headquartered engineering group, has raised £7.5 million via a placing.
The placing attracted a mix of certain existing shareholders and new investors.
£2.5 million of the proceeds will be invested in the group’s manufacturing capability and capacity to accelerate growth in the hydrogen energy market.
Moreover, £500,000 will go towards resources and technologies across the group’s Integrity Management business.
The remainder will used to strengthen the group’s balance sheet to help ensure resilience during the ongoing pandemic and depressed conditions in the oil and gas market, as well as enabling it to invest in its people, facilities and systems.
“We are grateful for the strong support of our shareholders and new investors, demonstrated through this successful fundraising,” said Chief Executive Chris Walters.
“The investment provides us with the resources to capitalise on exciting opportunities in the hydrogen energy market and to accelerate growth in our Integrity Management services business.
“The now stronger balance sheet will provide resilience through tough oil and gas trading conditions, strength in the development of partnerships and the negotiation of major contracts and flexibility to take advantage of emerging opportunities.”