Clean fuel company to raise £5m from the markets

CLEAN fuel company ITM Power is to raise up to £5.88m to support the company’s development.

It has secured £2.14m from a placing with institutional investors and is looking for a further £3.74m from an open offer.

JCB Research, Peter Hargreaves, Graham Cooley and certain other investors have confirmed they will take up their basic entitlement and also apply for excess shares.

Mr Cooley, chief executive of ITM Power, said: “At this time in the company’s development it is important that we have a strong balance sheet to support our commercial relationships and I am delighted that our existing shareholders have shown their commitment to the company in this funding round.”