Business
Motive Ltd - a new Joint Venture with Vitol
Motive Ltd - a new Joint Venture with Vitol.
About this update from Itm Power Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6741F\n ITM Power PLC\n 23 March 2022\n \n \n \n \n This announcement contains inside information\n \n \n \n \n \n 23 March 2022\n \n \n \n \n \n ITM Power plc\n \n \n (\"ITM Power\", \"the Group\" or the \"Company\")\n \n \n \n \n \n ITM Power Partners with Vitol for Hydrogen Refuelling\n \n \n Commitment to invest up to £30m from Vitol, matched by ITM Power, to grow Motive\n \n \n \n \n \n ITM Power (AIM: ITM), the energy storage and clean fuel company, announces that it has concluded a strategic partnership agreement with Vitol Holdings SARL (\"Vitol\") for wholly owned subsidiary ITM Motive Limited, trading as Motive, to become a 50/50 joint-venture owned between ITM Power and Vitol. \n \n \n \n \n \n Vitol is a leader in the energy sector with a presence across the spectrum: from oil through to gas, power, renewables and carbon. Vitol will invest up to £30m in the venture, which will be matched by a similar investment from ITM Power. Motive owns all UK public hydrogen refuelling stations constructed by ITM Power. It was set up as a Group division in 2020 and became a separate legal entity in May 2021. On completion it will operate as a distinct entity with its own board, which will comprise three directors from ITM Power and three from Vitol.\n \n \n \n \n \n As part of the transaction, Motive has entered into a framework agreement with ITM Power, under which Motive appoints ITM Power as its preferred supplier for up to 240 MW of electrolysis equipment to support Motive with the development and roll-out of new green hydrogen refuelling stations. Motive has also appointed Vitol as its preferred supplier for up to 240 MW of electricity demand, which will provide green power to the network of new refuelling stations.\n \n \n \n \n \n Both ITM Power and Vitol believe that the market for Hydrogen in Transport is on the cusp of rapid expansion, supported by government incentives to accelerate transportation decarbonisation. This partnership will help facilitate the rapid scaling up of production, distribution and demand stimulation for Hydrogen to Transportation. Vitol is aligned with Motive's strategy to target building large refuelling stations for heavy duty vehicles, such as trucks and buses. Over the past ...