ITM Motive Becomes a Separate Limited Company

4 May 2021

ITM Power plc

("ITM Power", "the Group" or the "Company")

ITM Motive Becomes a Separate Limited Company

Group refuelling assets, resources and personnel transferred

ITM Power (AIM: ITM), the energy storage and clean fuel company, announces the establishment of ITM Motive Limited ("ITM Motive"), registered in England with company number 13290733, as a separate, wholly owned subsidiary of ITM Power PLC.  All English refuelling assets owned by ITM Power (Trading) Limited have been transferred to ITM Motive, and resources and personnel have been transferred to ITM Motive, which was set up as a division in 2020 with the appointment of Dr Duncan Yellen as Managing Director.

"Forming ITM Motive into a separate legal entity gives us the agility to form flexible business plans for our new builds as we look to scale up to cater for fleets of commercial and municipal vehicles", said Duncan Yellen, Managing Director of ITM Motive.  "We look forward to creating new partnerships and developing new investment models as we take our portfolio of hydrogen refuelling stations to the next level to meet demand from the exciting range of new hydrogen vehicles that are set to enter the UK market over the next year."

ITM Motive owns and operates a portfolio of 12 Hydrogen Refuelling Station (HRS) assets, eight of which are currently commissioned with a further four in build or funded, making it the largest operator of HRS in the UK.  The portfolio has a total hydrogen generation capacity of 3.1 tonnes per day and a dispensing capacity of 7.8 tonnes per day which at full capacity and today's hydrogen fuel prices would produce annual revenues of £9.27m.

The new board is Chaired by Sir Roger Bone with Dr Duncan Yellen (Managing Director), Dr Graham Cooley, Dr Rachel Smith, Dr Simon Bourne and Andy Allen as Executive Directors.

ITM Motive has 13 staff in total, with four new team members joining in the next two months.  The company is based in Sheffield at Shepcote Enterprise Park.  ITM Trading has entered into a transitional services agreement to provide ITM Motive with corporate support services as ITM Motive focuses on business development opportunities and partnerships, as well as optimising operations and financial performance and managing after-sales support.  ITM Motive expects to rapidly grow its network of refuelling stations in the UK and is already talking to potential partners which could provide investment, complementary engineering skills and access to markets.

For the last 10 years, the Group has been at the heart of the process to develop and set safety and technical standards in the UK as well as more widely in the EU.  ITM Motive will take over the Group's responsibility for involvement in important European projects and UK and international committees relating to compliance, safety standards and technical developments in hydrogen refuelling stations. 

These projects include: PRHYDE, a Fuel Cell and Hydrogen 2 Joint Undertaking ("FCH2 JU") project looking at developments needed for refuelling medium and heavy duty hydrogen vehicles including rail and maritime; MetroHyVe, an EMPIR project, focused on metrology for HRS to support flow metering, hydrogen quality control (including sampling at HRS and inline sensors) and hydrogen fuel cell impurity testing, and; MultHyFuel another FCH2 JU project progressing safety and permitting for hydrogen in multifuel retailing.

ITM Power is the UK lead expert to International Standards Organisation (ISO) Technical Committee (TC) 197 developing standards and technical guidance for hydrogen technologies, including electrolysers and hydrogen refuelling stations, and the UK lead expert to the Comité Européen de Normalisation (CEN) TC 268 WG5, preparing standards harmonised to the European Directive 2014/94/EU on alternative fuels infrastructure. The Group also chairs the British Standards Institute (BSI) committee PVE/3/8 that contributes to these international committees and is secretary of the British Compressed Gases Association (BCGA) technical sub-committee (TSC) 9 developing UK national standards relating to alternative fuels.

In addition, ITM Power chairs the FCH JU Regulation Codes and Standards (RCS) Strategy Coordination Group (SCG), is an active member of the SAE FCEV Interface Task Force and the CEN/CENELEC Sector Forum Energy Management (SFEM) Working Group Hydrogen and CEN/CENELEC JTC6 on Hydrogen in Energy Systems.

Duncan Yellen, Managing Director of ITM Motive, said: "ITM Power is embedded in the development and setting of technical and safety standards in the UK and the EU.  ITM Motive will now take over the Group's responsibilities in this area, positioning us at the heart of the hydrogen transport industry as it develops."

Graham Cooley, CEO, ITM Power Plc and a Director of ITM Motive added: "We are delighted to see ITM Motive leave the nest as a separate limited company.  I am sure that the company with Duncan's leadership team will be able to drive the business forward and that its enhanced visibility will help to win new customers and establish new partnerships."

Sir Roger Bone, Chairman of ITM Power PLC and of ITM Motive commented: "This is the right move for ITM Motive and one that we believe will deliver significant value for ITM Power shareholders in due course."

For further information please visit www.itm-power.com or contact:

 About ITM Power plc:

ITM Power plc manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of renewable hydrogen for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004. In October 2019, the Company announced the completion of a £58.8 million fundraising, including an investment by Linde of £38 million, together with the formation of a joint venture with Linde to focus on delivering renewable hydrogen to large-scale industrial projects worldwide. ITM Power signed a deal to deploy a 10MW electrolyser at Shell's Rhineland refinery. In November 2020, ITM Power completed a £172m fundraising, including a £30m investment by Snam, one of the world's leading energy infrastructure operators. ITM Power operates from the world's largest electrolyser factory in Sheffield with a capacity of 1GW (1,000MW) per annum. ITM Power received an order for the world's largest PEM electrolyser of 24MW from Linde in January 2021. Other customers and partners include Sumitomo, Ørsted, Phillips 66, Scottish Power, Siemens Gamesa, Cadent, Northern Gas Networks, Gasunie, RWE, Engie, GNVert, National Express, Toyota, Hyundai and Anglo American among others.

About PRHYDE:

PRHYDE is an EU project, funded by the FCH2 JU under the Horizon 2020 programme, looking at the current and future developments needed for refuelling medium and heavy duty hydrogen vehicles, predominantly road vehicles, but also other applications such as rail and maritime.  The PRHYDE partners are: ITM Power, ENGIE, Shell, Air Liquide, Toyota Motor Europe, NEL, Nikola, CEA, LBST, MAN and ZBT.

About MetroHyVe2:

"Metrology for Hydrogen Vehicles 2" (MetroHyVe 2), funded by the EMPIR programme co-financed by the Participating States and from the European Union's Horizon 2020 research and innovation programme, continues the work of the first MetroHyVe project, with the following objectives: improving accuracy of flow metering of dispensed hydrogen, providing reference materials for compliance of dispensed hydrogen with hydrogen quality and quality control standards, progressing sampling of hydrogen from HRS, validation of online sensors and providing a methodology  for evaluation of the impact of impurities on FC stacks.  The MetroHyVe2 partners are:  NPL, Sintef, RISE, VTT, CEA, METAS, ZBT, ITM Power, Air Liquide, Linde, NEL, ENGIE, Empa, EMCEL, BEV/PTP, Justervesenet and Toyota.

About MultHyFuel:

Funded by the FCH2 JU, the goal of MultHyFuel is to contribute to the effective deployment of hydrogen as an alternative fuel by developing a common strategy for implementing hydrogen refuelling stations in multi-fuel contexts, contributing to the harmonization of existing laws and standards based on practical, theoretical and experimental data as well as on the active and continuous engagement of key stakeholders.  The MultHyFuel partners are: Hydrogen Europe, Air Liquide, ENGIE, HSE, INERIS, ITM Power, Kiwa, Shell, ZSW and Snam.

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