RCS - ITM Power PLC - Motive Ltd. the ITM/Vitol JV appoints CEO

ITM PowerAnnouncement

31/10/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221031:nRSe5752Ea&default-theme=true

RNS Number : 5752E  ITM Power PLC  31 October 2022

31 October 2022

 

ITM Power plc

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

 

Motive Ltd. the ITM/Vitol JV appoints CEO

 

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to
announce that Motive Fuels, an equal joint venture between ITM Power and
Vitol, has appointed Jean-Marc Gales as its new Chief Executive Officer
effective 30th January 2023.

 

Jean-Marc has spent 30 years in the automotive industry and brings a wealth of
technical, design, engineering, commercial and sales experience as a very
senior executive, most recently serving as Chairman of Williams Advanced
Engineering before its sale to Fortescue. In a distinguished career, Jean-Marc
led the successful turnaround of Lotus as CEO. He was a former CEO of Peugeot
and Citroen, where he delivered a new product portfolio, and CEO of CLEPA, the
European Association of Automotive Suppliers.

 

Sir Roger Bone, Chairman of Motive Fuels and of ITM Power, said: "I'm pleased
to welcome Jean-Marc to lead Motive Fuels in what is an exciting period for
the company amid growing interest in large vehicle hydrogen mobility.
Jean-Marc's experience in the sale of Williams Advanced Engineering to
Fortescue demonstrate his passion for hydrogen mobility. ITM Power and Vitol
look forward to working with Jean-Marc, a true automotive expert, in
transitioning large vehicle mobility towards a cleaner, greener future."

 

Sir Alan Duncan, Co-Chair of Motive Fuels and Business Development at Vitol,
said: "Motive Fuels is very fortunate to have been able to appoint Jean-Marc
as its CEO. His great wealth of experience in the automotive sector, and his
track-record of building up companies, are perfect for developing Motive. As
we pioneer hydrogen for heavy transport, his appointment puts the company in a
strong position to succeed and establish itself as a leading force in the
sector."

 

Jean-Marc Gales, CEO of Motive, added: "I am delighted to join Motive at an
exciting time for the company. The interest in green hydrogen has been rising
across the globe and the clean energy transition away from fossil fuels is
rapidly gaining pace. The best hydrogen fuel potential in the future is the
transportation sector, specifically medium and heavy duty trucks. I am looking
forward to working with the teams of Motive, ITM Power, and Vitol to
accelerate the transition of heavy transport to clean renewable hydrogen fuel,
and lead the company into the next chapter of development and growth."

 

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

 

 ITM Power plc
 James Collins, Investor Relations                   +44 (0)114 551 1205

 Justin Scarborough, Investor Relations              +44 (0)114 551 1080
 Investec Bank plc (Nominated Adviser and Broker)    +44 (0)20 7597 5970
 Jeremy Ellis / Chris Sim / Ben Griffiths
 Tavistock (Financial PR and IR)                     +44 (0)20 7920 3150
 Simon Hudson / Tim Pearson / Charlie Baister

 

About ITM Power plc:

ITM Power 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.

 

ITM Power operates from the world's largest operational electrolyser factory
in Sheffield with a capacity planned to reach 1.5 GW (1,500 MW) per annum and
has an ambition to grow capacity in line with demand to 5 GW per annum,
supported by a £250m equity raise in Q4 2021. Partners include Linde, Shell,
Snam, and Vitol among others.

 

About Motive Fuels:

Motive Fuels owns and operates the largest portfolio of Hydrogen Refuelling
Stations across England. Motive's newest site at Tyseley is the largest green
hydrogen production facility in the UK and the only site capable of providing
zero-carbon hydrogen for buses and HGVs. Motive Fuels is a 50:50 joint venture
between ITM Power (AIM: ITM) and Vitol. The mission of Motive Fuels is to
decarbonise the UK heavy vehicle fleet using green hydrogen generated on-site.
Motive Fuels builds on the expertise of ITM Power electrolysis and Vitol
energy trading to bring together a unique offering in green hydrogen
generation and supply.

 

-ends-

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAFFFLIITLIVIF