ITM Power PLC - Sheffield, England-based maker of electrolysers to produce green hydrogen - Completes sale of Motive Fuels Ltd, a 50-50 joint venture set up in 2022 with Vitol Holdings SARL to build hydrogen refuelling stations in the UK, to Hycap Group. Hycap Group is focused on the transition to clean hydrogen energy. The sale will generate marginal cash contribution for ITM Power.

Chief Executive Officer Dennis Schulz says: ‘This sale will allow us to redirect £28 million 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.’

Current stock price: 68.18 pence, down 2.3% on Friday

12-month change: down 29%

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