South Yorkshire energy firm secures £38m investment in joint venture deal
A South Yorkshire energy firm has entered into a joint venture with a global engineering specialist to deliver green hydrogen to industrial projects.
Sheffield-based ITM Power has secured £38m strategic investment from new 50/50 joint venture partner Linde.
Focusing on delivering green hydrogen to large scale industrial projects, principally those with an installed electrolyser capacity of 10 megawatts and above, the partnership will see Linde appoint a non-executive director to the ITM Power’s board.
The firm also intends to intends to raise a minimum of £52m, with proceeds to be used mainly to enhance ITM Power’s manufacturing capabilities - particularly for the development and production of large scale 5MW electrolysers.
Graham Cooley, chief executive officer of ITM Power, commented: “The major strategic investment from Linde cements a five year relationship between us and provides ITM Power with a world leading partner that brings deep expertise in engineering, procurement and construction and a global customer base.
“We are seeing increasing global demand for hydrogen as a solution to renewable energy storage needs and the decarbonisation of major industrial processes.
“The fundraising and our partnership with Linde will help us to meet this demand on a growing scale, deliver efficiencies throughout our supply chain and represents a significant step on our pathway to medium-term profitability.”
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