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Zeus Capital advises on £10m equity fundraise for ITM

25th February 2014


Zeus Capital has acted as nominated adviser and broker on the £10m secondary fundraise for AIM listed clean-tech flagship ITM Power.

The proceeds will be used as growth capital to accelerate the roll-out of ITM’s fully commercialised, rapid-response, electrolysis technology; embedding it at an early stage into two key target global growth markets:

  1. Power-to-gas infrastructure for the large scale storage of intermittent renewable energy.
  2. Hydrogen fuelling infrastructure for the facilitation of hydrogen fuelled mass transportation.

ITM’s rapid-response, modular electrolysis technology platform permits sub 1 second demand-side grid management at times of over-supply; converting the excess energy into hydrogen and injecting it into the gas-grid. With a customer base including Germany’s largest municipal utility conglomerate, The Thüga Group, the market offers significant potential for growth.

ITM has also initiated the roll-out of its modular electrolysis refuelling platform in the key Californian market, with a flagship installation at Hyundai’s head office in Chino, California. ITM’s technology is also central to the institutionally backed roll-out of hydrogen infrastructure in several other geographies, including the UK and France.

Dr Tom McColm, Research Director at Zeus Capital, commented:
“This is an exciting time for ITM. The company is at an inflection point and has fully commercialised market-ready technology. This capital injection will provide the runway and balance sheet strength to accelerate roll-out, embedding ITM’s world-class rapid response electrolysis technology into two very exciting growth markets at this key early stage of infrastructure development. The deal also raises Zeus Capital’s profile in a sector where we are very active.”

Dr Graham Cooley, Chief Executive Officer at ITM Power, commented:
“This equity finance will help fund the company’s ability to address its rapidly growing pipeline of opportunities in both the power-to-gas and hydrogen fuelling markets, further establishing ITM’s electrolyser technology. Zeus Capital were excellent on all aspects of the fundraising process, including bringing in some new institutional investors who we are delighted to welcome onto our register. We congratulate Zeus on a job very well done.”