The world’s biggest industrial gas company Linde is to take a 20% share in British clean energy firm ITM Power.
ITM Power today said its intention is to raise at least £52m ($63.9m) through a strategic investment of £38m ($46.7m) at 40 pence (49 cence) per share by Linde UK Holdings No. 2 Limited, a member of the Linde AG group, and a conditional placing of £14m ($17.2m) at 40 pence (49 cence) per share with certain existing and new institutional investors.
The UK company said it has also entered into a 50/50 joint venture with Linde to focus on delivering green hydrogen to large scale industrial projects, principally those with an installed electrolyser capacity of 10MW and above.
Following completion of the fundraising, Linde will appoint a Non-Executive Director to the Board of ITM Power.
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