HYCAP Group has acquired hydrogen refuelling business Motive Fuels from ITM Power.
The Jo Bamford-founded hydrogen investment firm has taken full ownership of the refuelling company which ITM says will allow the electrolyser manufacturer to redirect £28m ($34m).
It comes after ITM in January (2023) said it was considering a range of options for the future of the refuelling businesses after an “unacceptable financial performance, seeing it take a “rigorous” approach to capital allocation and cost management, including a headcount reduction.
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