Clean fuel firm raises £165m as it prepares to fit out the world’s first hydrogen gigafactory

The Sheffield-based energy storage firm is the world’s leading hydrogen electrolyser manufacturer. Hydrogen electrolysers convert water into liquid hydrogen, which is vital for the UK's renewable power infrastructure.

ITM had originally planned to raise £150m, but very strong demand saw it raise a further £15m and its market capitalisation now stands at £1.2bn.

The fundraising includes £30m from Snam SpA, a major energy infrastructure operator based in Italy.

The cash will be used to scale up ITM's Sheffield operations and build another gigafactory in the UK. The management team is mulling over options about where this will be located.

Dr Graham Cooley, CEO of ITM Power, said: “The growth of global markets for green hydrogen is accelerating fast.

"As a result of this successful fundraise, ITM Power is well positioned to build on its existing leadership and capitalise on this rapidly developing market.

"We are delighted with the results of the fundraise and thank our existing shareholders for their support and welcome our new investors.”

Seven ITM directors and managers took part in the placing including Dr Cooley.