LONDON, UK: ITM Power, a leading manufacturer of electrolysers for hydrogen production, has announced that it has signed a non-binding Heads of Terms agreement for the sale of its Motive Fuels Ltd joint venture.
Motive Fuels Ltd was established in March 2022 to develop and roll out hydrogen refuelling stations in the UK, with £30m committed by each JV party as seed funding. However, ITM Power said that one of its strategic priorities is to increase cost and capital discipline, and to focus on becoming a volume manufacturer of state-of-the-art electrolysers.
The planned transaction will allow ITM Power to redirect £28m of pre-committed cash to its core business, and to concentrate on scaling up to capture the significant growth opportunities in the global hydrogen market.
The transaction is expected to be completed in this calendar year, subject to due diligence and final agreements.
Andy Allen, CFO ITM Power, said: “The sale of Motive will allow us to devote our time, attention and capital resources on our core competencies, to ready the business for scaling up to capture the significant growth opportunities that lie ahead of us. Motive has been an important part of ITM’s journey, and it is important to us that the business will be left in capable and ambitious hands.”
ITM Power is a leading player in the hydrogen industry, with over 20 years of experience in electrolyser design and manufacture. The company has a range of products that can produce green hydrogen from renewable energy sources, such as wind and solar. The company’s electrolysers can be used for various applications, such as power-to-gas, hydrogen refuelling, industrial processes, and energy storage. ITM Power has a global presence, with offices in the UK, Germany, France, USA, and Australia.
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