German engineering company Linde has established a joint venture (JV) with Sheffield-based company ITM Power for the development of hydrogen power for major industrial projects.
Linde will also invest £38m at 40p a share in ITM Power, as part of ITM’s plan to raise £52m in capital. ITM will also attempt to raise a further £14m at 40p a share from potential investors.
ITM will also offer over 17 million shares at 40p through an open offer in order to raise a further £6.8m.
As a result of the deal, Linde’s stock price rose 0.4% from 166.70¢ to 167.40¢ (£1.49) a share. This has continued a general rise in Linde’s share price in 2019, which started the year at 138.70¢.
