ITM Power is set to sell its hydrogen refuelling joint venture (JV) Motive Fuels after today (August 14) revealing it has signed a Heads of Terms agreement.
Established in March 2022 to develop and roll out hydrogen refuelling stations in the UK, both ITM and Vitol Holdings committed £30m ($38m) each to the JV, however ITM has said the sale will allow it to redirect £28m ($35.5m) to its core electrolysers business.
Read more: ITM Power unveils new joint venture to expand the UK’s green hydrogen refuelling network
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