Vitol and ITM Power combine to create JV Motive
Ambition to build Motive into a leading hydrogen refuelling actor in Europe
Vitol has agreed to acquire 50% of ITM Power’s hydrogen refuelling subsidiary, ITM Motive Limited (“Motive”). Vitol has committed to investing an initial £30 million in Motive, with ITM Power committing a similar sum.
The partners intend to build Motive into a pan-European hydrogen refuelling company. Starting in the UK and expanding across Europe, Motive’s refuelling network will sell green hydrogen produced by ITM Power’s market-leading electrolyser technology. ITM Power will be the preferred supplier of energy services to Motive; it has committed 240 MW of electrolyser manufacturing capacity to the initiative.
The partners initially expect the service to be mostly used by heavy good vehicles (HGVs) as corporates seek to reduce their carbon footprint and local and national governments look to address emissions and urban air pollution.
Chris Bake, head of origination, Vitol said: “Vitol aims to be at the heart of the energy transition. Hydrogen has a key role to play in decarbonising transport and ITM Power’s leading proprietary Gigastack electrolysers can produce green hydrogen at scale and cost efficiently. Our partnership will enable us to build Motive into a gas-for-transport company for the future, complementing our other sustainable transport initiatives, from LNG/biogas network Liquind, through to fleet EV solutions.”
Vitol – Media
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