ITM Power partners with Snam  

ITM Power has raised £165m from a placing at 235p a share, while a one-for 160 open offer could raise a further £7m.

Energy infrastructure operator Snam subscribed £30m and has entered into a commercial partnership that will mean that ITM will be preferred supplier of the first 100MW of polymer electrolyte membrane electrolysis projects ordered by Snam. These will be deployed in the period to 2025.

ITM still had £9.9m in the bank at the end of June 2020, following a cash outflow of more than £23m over the financial year. The cash will be spent on development and product standardisation, as well as investing in after-sales and other support. ITM also intends to develop refuelling projects. 

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Tekmar hit by contract delays

Offshore energy services provider Tekmar Group has been hit by delays to contract awards and revenues in the latest six-month period will be 10% lower than the equivalent period last year. That suggests that revenues will be just over £16m.

There is also increased competition in the offshore wind market. An updated product will be launched in the first quarter of 2021. The year end is being changed from March - a peak trading time - to September.

The figures for the six months to September 2020 will be published on 1 December. On the same day, details of the strategic review announced by new chief executive Alasdair MacDonald will be published.

Touchstone fundraising

Trinidad-focused oil and gas producer Touchstone Exploration Inc has raised £23.1m at 95p a share. The previous placing in February raised cash at 40p a share.

The money will be used to fund further exploration and development of the Ortoire onshore block. Touchstone recently announced its third discovery (Chinook-1) out of three wells drilled. A fourth well is being drilled.

Chinook-1 is thought to be a similar size to Cascadura, which is estimated at around 45mmboe. The current exploration well is Cascadura Deep-1 and that will be completed and tested in the first quarter of 2021. The original discovery, Coho, will soon start producing gas.

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