ITM Power to Raise a Minimum of GBP150.0 Million
2020年10月23日 - 2:45AM
Dow Jones News
By Anthony O. Goriainoff
ITM Power PLC said Thursday that it intends to raise a minimum
of 150.0 million pounds ($196.0 million) via a strategic
investment, a conditional placing, and nonunderwritten open
offer.
The London-listed hydrogen energy solutions manufacturer said
the strategic investment will be of GBP30.0 million at 235 pence
per share from energy infrastructure operator Snam SpA. The
conditional placing will consist of GBP120.0 million with certain
existing and new institutional investors, while the nonunderwritten
open offer will be for up to GBP7.0 million, and both of these at
the placing price.
"The net proceeds of the fundraising will be used by the group
principally to enable an acceleration of the group's technology,
manufacturing and operational capabilities in response to the
rapidly growing global demand for large-scale electrolysis," the
company said.
It said the firm placing was being conducted through an
accelerated bookbuild.
The company added that is has also entered into a commercial
partnership agreement with Snam, conditional upon the successful
completion of the share subscription. Under the agreement the
company will the preferred supplier for the first 100 megawatts of
polymer electrolyte membrane electrolysis projects ordered by
Snam.
"Our agreement and preferred supplier status with Snam more than
doubles our contract backlog, a signpost of future revenue
measuring amounts under contract and in the latter stages of
negotiations, to GBP118 million while our tender opportunity
pipeline, where we have provided written quotations over the last
12 months, now stands at some GBP325 million," Chief Executive
Graham Cooley said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
October 22, 2020 13:30 ET (17:30 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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