Completed sale of Motive Fuels Ltd
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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."
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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