REG - ITM Power PLC - Heads of Terms for sale of Motive Fuels Ltd

ITM PowerAnnouncement

14/08/2023 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:20230814:nRSN2005Ja&default-theme=true

RNS Number : 2005J  ITM Power PLC  14 August 2023

14 August 2023

 

ITM Power PLC

 

ITM Power announces Heads of Terms agreement for the sale of Motive Fuels Ltd
 

 

At 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.

The 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.

The transaction is expected to be completed in this calendar year.

Andy 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."

 

For further information please visit www.itm-power.com
(http://www.itm-power.com/)  or contact:

 

 ITM Power PLC
 Justin Scarborough, Head of Investor Relations    +44 (0)114 551 1080

 James Collins, Head of Corporate 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.

 

 

 

-ends-

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. 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/)
.

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  MSCGUGDIBGBDGXS