ITM Power, the energy storage and clean fuel company, has announced the establishment of ITM Motive Limited, as a separate, wholly owned subsidiary of ITM Power PLC
All English refuelling assets and resources and personnel have been transferred to ITM Motive, which was set up as a division in 2020 with the appointment of Dr Duncan Yellen as Managing Director.
“Forming ITM Motive into a separate legal entity gives us the agility to form flexible business plans for our new builds as we look to scale up to cater for fleets of commercial and municipal vehicles”, said Duncan Yellen, Managing Director of ITM Motive. “We look forward to creating new partnerships and developing new investment models as we take our portfolio of hydrogen refuelling stations to the next level to meet demand from the exciting range of new hydrogen vehicles that are set to enter the UK market over the next year.”
ITM Motive owns and operates a portfolio of 12 Hydrogen Refuelling Station (HRS) assets, eight of which are currently commissioned with a further four being built or funded, making it the largest operator of HRS in the UK. The portfolio has a total hydrogen generation capacity of 3.1 tonnes per day and a dispensing capacity of 7.8 tonnes per day which at full capacity and today’s hydrogen fuel prices would produce annual revenues of £9.27m.
The new board is chaired by Sir Roger Bone with Dr Duncan Yellen (Managing Director), Dr Graham Cooley, Dr Rachel Smith, Dr Simon Bourne and Andy Allen as executive directors.
Dr Yellen said: “ITM Power is embedded in the development and setting of technical and safety standards in the UK and the EU.
“ITM Motive will now take over the group’s responsibilities in this area, positioning us at the heart of the hydrogen transport industry as it develops.”
Mr Cooley, who is the CEO of ITM Power, added: “We are delighted to see ITM Motive leave the nest as a separate limited company.
“I am sure that the company with Duncan’s leadership team will be able to drive the business forward and that its enhanced visibility will help to win new customers and establish new partnerships.”
Sir Roger Bone, chairman of ITM Power PLC and of ITM Motive, added: “This is the right move for ITM Motive and one that we believe will deliver significant value for ITM Power shareholders in due course.”
ITM Motive has 13 staff with four new team members joining in the next two months.
The company is based in Sheffield at Shepcote Enterprise Park and will take over the group’s responsibility for involvement in important European projects and UK and international committees relating to compliance, safety standards and technical developments in hydrogen refuelling stations.
These projects include PRHYDE, which is analysing the developments required for refuelling medium and heavy duty hydr ogen vehicles.