REG - ITM Power PLC - ITM announces completed sale of Motive Fuels Ltd

ITM PowerAnnouncement

20/10/2023 07:00

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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 £28m
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
(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.

 

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.

 

 

 

 

 

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