ITM Power has conditionally raised a total of £5.7m ($7.1m) from the accelerated bookbuild offering.
Graham Cooley, CEO, said, “We are pleased to announce this successful placing to raise £5.7m ($7.1m) which demonstrates clear support from both new and existing shareholders. The proceeds of the placing will ensure that we have the required working capital to deliver our current pipeline and future growth. The Company is looking forward to an exciting phase of delivery and the proceeds of the placing will strengthen our balance sheet and enable us to be more competitive in tenders”.
Interim results
ITM power has announced its interim results for the six-month period ended 31st October 2016. The group has recognised total revenue and grant funding of £2.97m ($3.71m) in the period and currently has £16.98m ($21.24m) of projects under contract with a further £1.37m ($1.71m) of contracts in the later stages of negotiation, making a total pipeline of £18.35m ($22.95m). In the 2016 calendar year, orders have totalled £15.68m ($19.61m), representing an increase of 100% year on year (YoY).
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