ITM Power completes sale of Motive Fuels to net zero investors HYCAP
ITM Power completes sale of Motive Fuels to net zero investors HYCAP.
Hydrogen specialist ITM Power has completed the disposal of its stake in its refuelling station joint venture, Motive Fuels.
The Sheffield-based business told investors on the London Stock Exchange that it had closed a deal with net zero investor HYCAP Group which has focus on green hydrogen. It said the sale would generate a marginal cash contribution to its balance sheet.
News of ITM’s desire to sell came earlier this year when it said it wanted to free up resources to focus on its core business of manufacturing electrolysers. In January it revealed a review of its business which included cost savings and the redirection of £28m of pre-committed funds towards its electrolyser operation.