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.