ITM Power : Completion of £29.4m working capital fundraise

Result of General Meeting, Open Offer and Total Voting Rights

On 29 September, ITM Power (AIM: ITM), the energy storage and clean fuel company, announced the Firm Placing to raise approximately £25.0m (before expenses) and Open Offer to raise up to £4.4m (before expenses). The Firm Placing and Open Offer was subject, inter alia, to the approval by Shareholders of the Resolutions set out in the Notice of General Meeting.

The Company is pleased to announce that all of the Resolutions were duly passed at the General Meeting held earlier today.

The Placing remains conditional on, inter alia, Admission taking place on 19 October 2017 (or such later time as the Company and Investec may agree, being not later than 31 October 2017).

Result of Open Offer
The Open Offer closed for acceptances at 11.00 a.m. on 17 October 2017 in accordance with its terms and was oversubscribed. The Company therefore announces that is has received valid acceptances in respect of 10,896,225 New Ordinary Shares pursuant to Qualifying Shareholders' Open Offer Entitlements representing a percentage take up of 100 per cent. of the new Ordinary Shares available under the Open Offer. Accordingly, the aggregate amount raised pursuant to the Open Offer is approximately £4.4 million and the aggregate amount raised pursuant to the Firm Placing and Open Offer is approximately £29.4 million.

Application has been made for the 73,396,225 New Ordinary Shares to be issued pursuant to the Firm Placing and Open Offer to be admitted to trading on AIM. It is expected that Admission and dealings in the 73,396,225 New Ordinary Shares will commence at 8.00 a.m. on 19 October 2017.

Upon Admission, the Enlarged Share Capital is expected to comprise 324,009,401 Ordinary Shares with one voting right per share. The Company does not hold any shares in treasury. Therefore, this figure of 324,009,401 Ordinary Shares may be used by Shareholders following Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of ITM Power under the FCA's Disclosure Guidance and Transparency Rules.

Capitalised terms not otherwise defined in the text of this announcement have the meanings given in the Company's announcement dated 29 September 2017 in relation to the launch of the Firm Placing and Open Offer.

For further information please visit www.itm-power.com or contact:

ITM Power plc Andy Allen, CFO and Company Secretary +44 (0)114 244 5111
Investec Bank plc (Nominated Adviser and Broker) Jeremy Ellis / Chris Sim / Jonathan Wynn / Robert Baker +44 (0)20 7597 5970
Tavistock (Financial PR and IR) Simon Hudson / James Collins +44 (0)20 7920 3150

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