Both firms believe transport demand for hydrogen will soon grow
ITM forms JV with Vitol
New firm will own and operate eight hydrogen refuelling stations for heavy-duty transport
Electrolyser manufacturer ITM Power has created a joint venture with commodity trader Vitol called ITM Motive that will own all the UK public hydrogen refuelling stations built by the former. Both firms will invest up to £30mn ($39.6mn) in the venture, which will operate as a distinct entity with its own board comprising three directors from ITM Power and three from Vitol. ITM Motive has simultaneously entered into a framework agreement with ITM Power, under which the latter will be its preferred supplier for up to 240MW of electrolysis equipment to support the rollout of green hydrogen refuelling stations. ITM Motive has also appointed Vitol as its preferred supplier for up to 240MW of the
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