ITM Power PLC ITM announces completed sale of Motive Fuels Ltd (7279Q)
20 October 2023 - 5:04PM
UK Regulatory
TIDMITM
RNS Number : 7279Q
ITM Power PLC
20 October 2023
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 GBP28m 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:
ITM Power PLC
Justin Scarborough, Head of Investor
Relations
James Collins, Head of Corporate +44 (0)114 551 1080
Affairs +44 (0)114 551 1205
Investec Bank plc (Nominated
Adviser and Broker) +44 (0)20 7597 5970
James Rudd / Chris Sim / Ben Griffiths
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.
-ends-
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END
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