ITM Power completes sale of Motive Fuels to net zero investors HYCAP

Hydrogen specialist ITM Power has completed the disposal of its stake in its refuelling station joint venture, Motive Fuels.

The Sheffield-based business told investors on the London Stock Exchange that it had closed a deal with net zero investor HYCAP Group which has focus on green hydrogen. It said the sale would generate a marginal cash contribution to its balance sheet.

News of ITM’s desire to sell came earlier this year when it said it wanted to free up resources to focus on its core business of manufacturing electrolysers. In January it revealed a review of its business which included cost savings and the redirection of £28m of pre-committed funds towards its electrolyser operation.

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Motive Fuels was set up in partnership with Vitol Holdings SARL and established 12 green hydrogen refuelling stations, with a pipeline of others to be built. It had closed sites in London due to lack of demand.

Dennis Schulz, CEO ITM Power, said: “This sale will allow us to redirect £28m of pre-committed ringfenced capital to our core business. Under its new ownership, we wish Motive every success for the future and the contribution that it will play in helping to decarbonise the UK transport sector.”

Just days ago ITM announced it had started looking to acquire projects in the US, with bosses saying the firm would go for an “accelerated, asset-light entry into the US market”. The firm said the US is widely recognised as having the potential to become one of the largest markets for electrolysers.

ITM’s electrolysers use proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero energy gas, using renewable electricity and water.

Original artice – https://business-live.co.uk/all-about/yorkshire-humber

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