£2 million Fundraise for ITM Power Plc
6th August 2013
Zeus Capital has completed a £2 million fundraise for ITM Power plc. ITM Power, is a designer and manufacturer of hydrogen energy systems for energy storage and clean fuel production. Zeus Capital were appointed as Nominated Adviser and Broker to the Company in July 2013.
The Directors believe that the business is well placed to deliverlong term growth from the development of two main sectors:
- Energy Storage, ITM Power won its first contract for a Power-to-Gas energy storage plant with the Thuga Group in Germany and is a member of the following Power-to-Gas programs; Strategieplatform in Germany, the North Sea Power-to-Gas Platform, the Mediterranean Power-to-Gas Platform and the California Hydrogen Business Council.
- Clean Fuel, ITM Power is constructing a smart grid linked hydrogen refuelling station on the Isle of Wight and is the preferred bidder to supply the electrolysis plant for a refuelling station at the headquarters of Hyundai in California. The Company is a founder member of the hydrogen mobility infrastructure programs in the UK, the USA, France and Switzerland. The Company is also the supplier of hydrogen refuelling plant to Boeing’s UAV program.
The Directors intend to use the net proceeds of the Placing to provide the Group with additional financial resources to underpin its balance sheet and thereby improve the ability of the Group to develop its relationships with existing and future customers.
Tim Metcalfe, Joint Chief Executive at Zeus Capital commented:
“We are pleased to have a completed the fund raising for ITM Power so soon after our appointment as Nomad and Broker. We believe ITM is very well positioned to further exploit its unique electrolysis technology in the fast growing power-to-gas and hydrogen fuelling markets and look forward to assisting them with their future development.”