Chemicals giant Linde has announced it is buying a 20% stake in UK hydrogen company ITM Power.
It is investing £38 million in return for the interest and is part of the latter company’s plans to raise £52 million in capital.
The firms are also establishing a joint venture for the development of hydrogen power for major industrial projects, principally those with an installed electrolyser capacity of 10MW and above.
Graham Cooley, CEO of ITM Power, said: “The joint venture will enable us to focus on our core competency of the development and sale of electrolysers and with Linde as our partner to deliver green hydrogen at scale. The successful fundraising provides the financial resources to exploit this exciting opportunity to the full.
“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.”