Engineer raises £7.5m as it invests in hydrogen power

Chris Walters, chief executive of Pressure TechnologiesChris Walters, chief executive of Pressure Technologies
Chris Walters, chief executive of Pressure Technologies
Engineering group Pressure Technologies has raised £7.5m to invest in “exciting opportunities” in the hydrogen energy market.

The Sheffield-based firm said the fundraising will give it a stronger balance sheet that will provide resilience through tough oil and gas trading conditions.

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.

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“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.”

Pressure Technologies recently said it is making good progress towards its strategic goals, despite the disruption caused by the pandemic.

However, the company also revealed that it expects to make an adjusted operating loss for the full year.

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The firm said that whilst the Covid-19 pandemic has brought significant challenges to its markets and operations, the group is making good progress on its strategic priorities.

It said the investments made since 2019 have underpinned growing diversification and sustainability in both its divisions this year, as seen by new customer acquisitions and new market development.

However, tougher trading conditions, Covid-19 disruption and the deferral of revenue and profit for a defence contract into 2021, resulted in a reduction in group revenue for the year to around £25m, down from £28m last year.

Mr Walters said: “Despite challenging trading conditions, we have continued to make strategic progress through 2020 with increased diversification of the customer base in both divisions.”

“I am also really encouraged by the progress made in the rapidly developing hydrogen energy sector.”

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