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.
Source https://is.gd/ucjH9S
