14th Aug 2023 07:49
ITM Power PLC - Sheffield, England-based maker of electrolysers to produce green hydrogen - Signs non-binding heads of terms agreement to sell Motive Fuels Ltd, a 50-50 joint venture set up in 2022 with Vitol Holdings SARL to build hydrogen refuelling stations in the UK. Doesn't say whether new agreement is with Vitol or another company but says it expects the deal to be completed by the end of calendar 2023. ITM Power and Vitol each had committed GBP30 million as seed funding to the joint venture, and ITM Power says its exit will free up GBP28 million in pre-committed cash for its core business of becoming a volume manufacturer of electrolysers. "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 Chief Financial Officer Andy Allen says.
Current stock price: 97.62 pence
12-month change: down 61%
By Tom Waite, Alliance News editor
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