ITM Power has announced that ITM Motive will become a separate legal entity in a bid to cater for a growing number of hydrogen vehicles.
On 4 May, it announced that all English refuelling assets it owns have been transferred to ITM Motive, along with resources and personnel. It now means that ITM Motive owns and operates a portfolio of 12 Hydrogen Refuelling Station (HRS) assets – eight have been commissioned, four are being built or funded. This makes it the largest operator of HRS in the UK, with the portfolio having a total hydrogen generation capacity of 3.1 tonnes per day and a dispensing capacity of 7.8 tonnes per day.
When at full capacity, considering today’s hydrogen fuel prices, the portfolio will produce annual revenues of £9.27mn. Furthermore, ITM Motive is expecting to rapidly grow its network of refuelling stations in the UK and is already in discussions with potential partners to provide investment, complementary engineering skills and access to markets.
ITM Motive will now also take responsibility for involvement in key European projects, as well as UK and international committees relating to compliance, safety standards and technical developments in hydrogen refuelling stations. This includes PRHYDE, a Fuel Cell and Hydrogen 2 Joint Undertaking (FCH2JU) project, which is looking at developments needed for refuelling medium and heavy duty hydrogen vehicles.
Duncan Yellen, ITM Motive MD, said: “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. 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.”
Image credit: ITM Power