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ITM Power PLC announced on 20 October 2023 the completed sale of its subsidiary, Motive Fuels Ltd. The whole of Motive Fuels Ltd was acquired by net zero investment firm HYCAP Group. The sale will generate a marginal cash contribution for ITM Power and allows the company to redirect £28m of pre-committed ringfenced capital.
| Date | 20 Oct 2023 |
| Time | 07:00:05 |
| Category | Disposals |
| ID | 7279Q |
20 October 2023
ITM Power PLC
ITM Power announces the completed sale of Motive Fuels Ltd
Further to our announcement on 14 August 2023, pertaining to the Heads of Terms agreement for the sale of Motive Fuels Ltd, we are now pleased to announce that the sale has been completed.
The whole of Motive Fuels Ltd has been acquired by net zero investment firm HYCAP Group.
From a balance sheet perspective, the sale will generate a marginal cash contribution for ITM Power.
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."
For further information please visit www.itm-power.com or contact:
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ITM Power PLC |
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Justin Scarborough, Head of Investor Relations James Collins, Head of Corporate Affairs |
+44 (0)114 551 1080 +44 (0)114 551 1205 |
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Investec Bank plc (Nominated Adviser and Broker) |
+44 (0)20 7597 5970 |
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James Rudd / Chris Sim / Ben Griffiths |
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About ITM Power PLC:
ITM Power was founded in 2000 and ITM Power PLC was admitted to the AIM market of the London
Stock Exchange in 2004. Headquartered in Sheffield, England, ITM Power designs and manufactures
electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero energy gas, using renewable electricity and water.
About HYCAP Group
HYCAP Group has a key focus on investing in the green hydrogen economy. Its investment strategy is to match supply and demand for hydrogen, with a focus on demand origination, allowing the market to scale rapidly.
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