JCB to Acquire Strategic Investment in Hydrogen Fuel Cell Technology Provider ITM Power

£4.856 million investment by JCB Research and Valebond will enable ITM Power to scale up its development of clean energy solutions

ITM Power

ITM Power, a company specializing in hydrogen systems for energy storage and clean fuel production, has announced that JCB Research and Valebond Consultants Limited, a company wholly owned by Jo, have acquired a strategic shareholding in the company by way of a subscription for new ordinary shares, making them, in aggregate, ITM Power’s largest shareholder.

JCB Research and Valebond Consultants will have agreed to acquire, in aggregate, 16,186,460 new shares in ITM Power at a subscription price of £4.856 million. The shares will represent approximately 9.1% (JCB, 7.2%; Valebond Consultants, 1.9%) of the company’s issued share. Application has been made for the shares to be admitted to trading on AIM (Admission) and it is expected that Admission will take place on March 17, 2015.

JCB Research also has the right to appoint a representative to the Board of ITM Power. The proceeds of the acquisition will be used by ITM Power as additional working capital as it continues to scale up its business.

Dr. Graham Cooley, CEO, ITM Power, commented, “In addition to the new funds that this investment brings to ITM Power, we are delighted to have on board a strategic investor who can potentially add significant value to our business. I look forward to working with JCB as we scale up our business and seek to enter new markets with our product offering.”

“We are excited by the prospects of hydrogen technology and our investment in ITM Power,” added Sir Anthony Bamford, chairman of JCB Research. “We expect to be an actively supportive shareholder in ITM Power and look forward to working with the Board and management team and to sharing some of our expertise in manufacturing and engineering.”

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