Hydrogen vehicle refuelling company ITM Motive has been spun off as a separate, wholly owned subsidiary of its parent ITM Power. All English refuelling assets 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, along with resources and personnel.
“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 Yellen. ITM Motive has eight operating hydrogen refuelling stations, with a further four in build or funded,. It said it expects to rapidly grow its network of refuelling stations in the UK and is talking to potential partners which could provide investment, complementary engineering skills and access to markets.
It said the current 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 £9.27 m.
The new company expects to increase its 13 staff by four in the next two months.
Yellen said, “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.”