Sheffield engineering group to raise £7.5m as it plans future investments

A Sheffield engineering group has announced that it is aiming to raise £7.5m as it plans investment going forward.

Pressure Technologies has been advised by Keebles LLP on raising a pre-expenses total of £7.5m through a share placing and a PrimaryBid.com offer.

The fundraise will see £2.5m invested in the company’s manufacturing capability and capacity, as it aims to accelerate its growth in the hydrogen energy market.

The remaining funds will be split across resources and technologies, as well as investment in people, facilities and systems.

Michael Hall, partner at Keebles, commented: “We were delighted to work with our long-standing client Pressure Technologies in securing this fundraise, which will allow further investment in the resources needed to enable Pressure Technologies to meet the growing demand for its products and services in the hydrogen energy market.

“We look forward to seeing Pressure Technologies continue to exploit the opportunities for growth presented by the continued development of this important emerging technology.”

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.

“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.”

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