Linde to take 20% stake in ITM Power

Linde to take 20% stake in ITM Power

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.

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