JCB takes stake in clean fuel company
THE research arm of North Staffordshire digger manufacturer JCB has paid £4.9m for a stake in energy storage and clean fuel company ITM Power.
J.C.B. Research and Valebond Consultants, a company wholly owned by Jo Bamford, have together acquired a “strategic shareholding” in the Sheffield company by way of a subscription for new ordinary shares, making them, in aggregate, ITM Power’s largest shareholder.
Jo Bamford is the son of JCB chairman Lord Bamford.
J.C.B Research also has the right to appoint a person nominated by them to the board of ITM Power.
Dr Graham Cooley, CEO of ITM Power, said: “In addition to the new funds that this investment brings to ITM Power, we are delighted to have on board a strategic investor who can potentially add significant value to our business.
“I look forward to working with JCB as we scale up our business and seek to enter new markets with our product offering.”
Lord Bamford, chairman of J.C.B. Research, said: “We are excited by the prospects of hydrogen technology and our investment in ITM Power.
“We expect to be an actively supportive shareholder in ITM Power and look forward to working with the board and management team and to sharing some of our expertise in manufacturing and engineering.”
