ITM Power to raise finance for expansion

Firm looks to raise a total of £250mn to build two further factories to meet demand

UK electrolyser manufacturer ITM Power is looking to raise £250mn ($343.7mn) in equity financing to support the expansion of its manufacturing facilities. The move is subject to shareholder approval and involves selling a tranche of shares in the company via conditional placing at £0.05 per share. ITM’s joint-venture partner industrial gases firm Linde, certain directors and a member of the group’s senior management will buy shares in the company in a separate move that is expected to raise an additional £20mn. “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