Engineering group secures £7.5m through fundraise
Sheffield-based specialist engineering group, Pressure Technologies, has this morning confirmed it has raised a pre-expenses total of £7.5m through a share placing and a PrimaryBid Offer.
It included the placing of 11,666,667 new ordinary shares and subscriptions for a further 805,331 new ordinary shares through the PrimaryBid Offer, in each case at the issue price of 60 pence per share, with certain existing shareholders and new investors.
£2.5m will be invested in the Group’s manufacturing capability and capacity in order to accelerate growth in the fast-developing hydrogen energy market.
A further £0.5m will be invested in resources and technologies across the Group’s integrity management business to meet the growing demand for these critical services.
With the remainder of the net proceeds to be used to strengthen the company’s balance sheet, ensuring resilience, particularly in light of the ongoing pandemic and depressed conditions in the oil and gas market.
The fundraise will also enable the Group to continue to invest in its people, facilities and systems through this period and to take advantage of emerging opportunities.
Chris Walters, chief executive of Pressure Technologies, said: “We are grateful for the strong support of our shareholders and new investors, demonstrated through this successful fundraising.
“The investment provides us with the resources to capitalise on exciting opportunities in the hydrogen energy market and to accelerate growth in our Integrity Management services business.
“The now stronger balance sheet will provide resilience through tough oil and gas trading conditions, strength in the development of partnerships and the negotiation of major contracts and flexibility to take advantage of emerging opportunities.”