Zeus Capital acted as Nomad and sole broker to ITM Power Plc, on its raise of £5 million before expenses.

ITM Power (AIM: ITM), the energy storage and clean fuel company, has raised £2.14 million before expenses, by way of a firm placing with institutional investors for 14,283,722 new ordinary shares at an issue price of 15 pence per share (“the Issue Price”). In addition, the Company will offer up to 24,934,135 new ordinary shares (the “Offer Shares”) for qualifying shareholders at the Issue Price potentially raising up to a further £3.74 million before expenses (the “Open Offer”). In each case these capital raisings are subject to shareholder approval.

Furthermore, the Company has secured irrevocable undertakings from JCB Research, Peter Hargreaves, Graham Cooley and certain other investors to take up their Basic Entitlement under the Open Offer and to apply for Excess Shares under the Excess Application Facility to an aggregate value of £2.86 million.

Graham Cooley, CEO, commented: “At this time in the Company’s development it is important that we have a strong balance sheet to support our commercial relationships and I am delighted that our existing shareholders have shown their commitment to the Company in this funding round. We are making an open offer of shares to existing shareholders at the same price as the placing giving all our existing shareholders an opportunity to participate.”

Hugh Kingsmill Moore, Head of Sustainable Technology & Power Sales at Zeus Capital, commented: “ITM’s highly efficient rapid response electrolysis technology is being adopted by major international customers, both in the grid balancing and the hydrogen refueling market places. This fresh capital injection will allow the company to service existing contacts as well as continue to drive further customer adoption.”