Business
Heads of Terms for sale of Motive Fuels Ltd
Heads of Terms for sale of Motive Fuels Ltd.
About this update from Itm Power Plc
[{"type":"text","content":"\n\n14 August 2023\n \nITM Power PLC\n \nITM Power announces Heads of Terms agreement for the sale of Motive Fuels Ltd \n \nAt the time of our Interim results presentation in January, ITM announced a review of strategic options for the exit from Motive Fuels Ltd. We are now pleased to announce that a non-binding Heads of Terms agreement for the sale of the company has been signed.\nThe Joint Venture was established in March 2022 to develop and roll out hydrogen refuelling stations in the UK. The vision was one of building a significant UK refuelling business, with £30m committed by each JV party as seed funding. However, one of the three priorities of our 12-month plan is increased cost and capital discipline. The planned transaction will allow ITM to redirect £28m of pre-committed cash to our core business, and to focus on becoming a volume manufacturer of state-of-the-art electrolysers.\nThe transaction is expected to be completed in this calendar year.\nAndy Allen, CFO ITM Power, said: \"The sale of Motive will allow us to devote our time, attention and capital resources on our core competencies, to ready the business for scaling up to capture the significant growth opportunities that lie ahead of us. 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.\"\n \nFor further information please visit www.itm-power.com or contact:\n \n\n\n\nITM Power PLC\n\n\n\n\n\n\n\nJustin Scarborough, Head of Investor Relations\nJames Collins, Head of Corporate Affairs\n\n\n+44 (0)114 551 1080\n+44 (0)114 551 1205\n\n\n\n\n\n\n\n\n\n\n\n\nInvestec Bank plc (Nominated Adviser and Broker)\n\n\n+44 (0)20 7597 5970\n\n\n\n\nJames Rudd / Chris Sim / Ben Griffiths\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n \nAbout ITM Power PLC:\nITM Power was founded in 2000 and ITM Power PLC was admitted to the AIM market of the London\nStock Exchange in 2004. Headquartered in Sheffield, England, ITM Power designs and manufactures\nelectrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero energy gas, using renewable electricity and water.\n \n \n \n-ends-\n\n","length":4819,"tagName":"div"}]