Hydrogen storage and fuel specialist ITM Power (LON:ITM) is to raise up to £5.85mln to fund its expansion and development plans.
Some £2.1mln will come from a firm placing, with up to a further £3.74mln to come from an open offer backed by major shareholder JCB Research and chief executive Graham Cooley. Terms of the offer are 14 new shares for 100 at 15p.
ITM, which opened the first public access hydrogen refuelling station in the UK last year, added it had £9mln of projects currently under contract and a further £8.7mln in negotiations. This total pipeline of £17.67mln is 55% higher than a year ago.
Revenue for the half year to end October was £0.66mln and losses £3.17mln (£3.69mln).
Roger Putnam, chairman, said in power-to-gas its operation in Frankfurt has been for over two years with the Thüga Group reporting 'better than expected' results.
"The market in Germany and increasingly the UK and US shows signs of significant growth and, with negotiations ongoing for sales in two new markets, the momentum looks set to increase again in 2016."
In refuelling, ITM Power has now delivered four units, with the first in California currently being commissioned.
The collaboration agreement with Shell will lead to the first deployment of a refuelling station on a Shell forecourt, and will continue to improve the infrastructure in the UK, as Toyota and Hyundai increase the deployment of vehicles.
“The success of the launch of the M1 wind hydrogen station in September was supported by all the major fuel cell car manufacturers and is testament of the need for these stations to be deployed to enable the roll out of fuel cell vehicles."