Completion of £5.8 million fundraise, result of General Meeting and result of Open Offer

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that at the General Meeting held earlier today, all resolutions were duly passed and the placing and open offer that the Company announced on 29 January 2016 have successfully completed. ITM Power has raised a total of £5.8 million, being £2.1 million through the placing announced 29 January 2016 (the "Placing") and £3.7 million through the open offer. The Company announces the result of the open offer which closed for acceptances at 11.00 a.m. on 15 February 2016 (the "Open Offer"). Valid acceptances, including excess applications, have been received in respect of 24,508,255 ordinary shares of 5p each (the "Open Offer Shares"), representing a total of approximately 98 per cent. of the Open Offer Shares available under the Open Offer. The Company has therefore raised gross proceeds of £3.7 million through the Open Offer. **Dr Graham Cooley, CEO of ITM Power, commented:** "We are delighted at the take up of the Open Offer, which in addition to the placing investment announced on 29 January 2016, aggregates to a total investment of £5.8 million, and will allow ITM Power to fulfil its current order book and continue to support the working capital of the business." Application has been made for the Open Offer Shares and the 14,283,722 firm placing shares described in the circular dated 29 January 2016 ("Placing Shares") to be admitted to trading on AIM at 8.00 a.m. on 17 February 2016 ("Admission").

**Directors' Interests** Graham Cooley, CEO of ITM Power; Robert Pendlebury, a Non-Executive Director; and Peter Hargreaves, a Non-Executive Director purchased the following Open Offer Shares of ITM Power. ||||| |--- |--- |--- |--- | |Director|Number of Open Offer shares purchased|Number of ordinary shares now held|Number of ordinary shares as a % of enlarged share capital| |Graham Cooley|433,333|811,256|0.37| |Robert Pendlebury (Note)|6,354,031|19,217,921|8.86| |Peter Hargreaves|8,000,000|22,908,643|10.56|

Note: Robert Pendlebury purchased 1,498 shares in a personal capacity and now holds 12,261 ordinary shares. Robert Pendlebury represents J.C.B research on the board of ITM Power. J.C.B research purchased 6,352,533 ordinary shares and now hold 19,205,660 ordinary shares. **Certain Shareholders' Interests** Certain shareholders irrevocably undertook to take up their basic entitlement under the Open Offer and to apply for excess shares under the excess application facility. These shareholders have purchased all of the shares that they applied for in the Open Offer. Following this transaction J.C.B. Research and Valebond Consultants Limited (a company wholly owned by Jo Bamford) are interested in the following ordinary shares: ||||| |--- |--- |--- |--- | |JCB Investor|Number of Open Offer shares purchased|Number of ordinary shares now held|Number of ordinary shares as a % of enlarged share capital| |J.C.B. Research|6,352,533|19,205,660|8.85| |Valebond Consultants Limited|1,647,467|4,980,800|2.30| |Total|8,000,000|24,186,460|11.15|

**Total Voting Rights** Following Admission of the Open Offer Shares and the Placing Shares, the total number of ordinary shares and voting rights in the Company will be 216,892,943. The Company does not hold any shares in treasury. The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules. For further information please visit [www.itm-power.com](https://www.itm-power.com) or contact: **ITM Power plc** +44 (0)114 244 5111 Graham Cooley, CEO **Zeus Capital** +44 (0)20 7533 7727 Dan Bate / John Treacy / John Goold **Tavistock** +44 (0)20 7920 3150 Simon Hudson / James Collins **About ITM Power plc:** ITM Power manufactures integrated hydrogen energy solutions which are rapid response and high pressure that meet the requirements for grid balancing and energy storage services, and for the production of clean fuel for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and is a founder member of the Social Stock Exchange. The company received £4.9m as a strategic investment from JCB in March 2015. The company signed a forecourt siting agreement with Shell in September 2015 and a fuel contract with Toyota in October 2015. The Group currently has £9.01m of projects under contract and a further £8.66m in the final stages of negotiation (£17.67m in total). [www.itm-power.com](https://www.itm-power.com)