Linde, ITM Power announce a joint venture

ITM Power plc intends to raise at least EUR52 million (US$57.4 million) through a strategic investment of EUR38 million (US$42 million) at 40 pence per share by Linde UK Holdings Limited; and a conditional placing of EUR14 million (US$15.4 million) at 40 pence per share with certain existing and new institutional investors.

The Group has also entered into a 50/50 joint venture with Linde which will focus on delivering green hydrogen to large scale industrial projects, principally those with an installed electrolyser capacity of 10 Megawatts and above. On completion, Linde will hold approximately 20% of the Group’s enlarged share capital.