ITM Power: Raises £250m to accelerate expansion
ITM Power has raised c.£250m via an oversubscribed placing. The group intends to use the proceeds to significantly scale up and expand its operations to take advantage of the forecast exponential demand growth in the global green hydrogen electrolyser market. £170 million of capex and £40 million of working capital will be used to support the semi-automation of Bessemer Park, the development and a full automation of a second manufacturing facility in the UK (“UK Gigafactory 2.0”) and a new international factory. In aggregate, these facilities are expected to give the Company 5GW of annual manufacturing capacity by 2024.
Graham Cooley, Chief Executive Officer of ITM Power plc, commenting on the fundraise:
“ITM Power intends to maintain its market leading position in the global electrolysis equipment market. The money raised will fund a second UK factory with even more automation and our first international manufacturing facility, as well as providing the capital necessary to continue to make our products even better. In the face of the rapidly accelerating worldwide demand for electrolysis, the time to invest is now. Our strategy will create jobs for the UK and a national champion in the vital green hydrogen sector.”
In the film below ITM Power CEO Graham Cooley provides an outline of ITM Power’s business and the future for the renewable energy sector