(Sheffield / Great Britain) – The British ITM Power plc has agreed with Vitol Holdings Sarl that the wholly owned ITM subsidiary Motive Ltd. will in future operate as a 50/50 joint venture between the two companies. According to the information, Vitol will invest up to 30 million pounds (36 million euros) in the company, and ITM Power, manufacturer of PEM electrolyzers, will contribute a similar amount. Vitol is an international trading company for raw materials based in Geneva and Rotterdam.
Increase demand
As part of the agreement, ITM and Vitol aim to rapidly increase production, sales and demand for hydrogen for transport. Motive will build a series of large refueling stations for heavy-duty vehicles such as trucks and buses, using standard electrolyzers with an output of four megawatts each at sites across the UK. As part of the transaction, ITM Power will supply electrolysis systems with a cumulative output of 240 megawatts. Vitol supplies green electricity.
Some renovations are already underway
Motive was initially founded in 2020 as an ITM division and has been an independent legal entity since May 2021. The board will in future include three directors from ITM Power and three from Vitol.
According to the information, the company is the owner of the public hydrogen filling stations in Great Britain that were built by ITM Power. According to the Motive website, there are currently seven such systems, four of which are in the London area alone. They all offer green hydrogen. At the end of March, according to a list, only the petrol station in Rotherham near Sheffield was apparently fully operational with petrol pumps for 700 and 350 bar, as well as Gatwick with 700 bar. The others had the note “unavailable” on the website.
Following a review of the existing portfolio of hydrogen refueling stations, most of these will be upgraded, the company said, with work already underway at CEME stations near London, Rotherham and Beaconsfield. Further stations are to be opened in Derby and Barking. Cobham, Gatwick and Swindon, on the other hand, are too small to be suitable for new technologies and larger vehicles.
ITM Power in international business
ITM Power has been listed on the London Stock Exchange since 2004. In October 2019, the company raised £58,8m of fresh capital, including £38m from industrial gases maker Linde. The Italian natural gas transmission system operator Snam also participated in another capital acquisition in 2020 with 30 million pounds.
In January 2021, ITM Power received an order from Linde for a PEM electrolyzer with an output of 24 megawatts. The plant is being built by ITM Linde Electrolysis GmbH, a joint venture between Linde and ITM Power. It should be at the Linde location Leuna (Saxony-Anhalt) will be put into operation in the middle of this year. The annual capacity is 3.200 tons of green hydrogen.
In October 2021, the company, together with Linde, announced the use of a 100-megawatt electrolyzer at Shell's Rhineland refinery, after an initial 10-megawatt system had been commissioned there.
The list of customers and partners reads like a “who’s who” of the current energy and gas world. These include, among others, Sumitomo (Japan), Ørsted (Denmark), Phillips 66 (USA), Scottish Power (Scotland, part of the Spanish Iberdrola group), Shell (Netherlands), Siemens Gamesa (Spain, part of the German Siemens group) , Cadent (UK), Northern Gas Networks (UK), Gasunie (Netherlands), RWE (Germany), Engie (France), GNVert (France, part of the Engie group), National Express (UK), Toyota (Japan), Hyundai (Korea) and Anglo American (UK).
ITM Power operates the world's largest electrolyser factory in Sheffield with a capacity of 1.000 megawatts per year. A second factory with 1.500 megawatts is expected to be operational there by the end of 2023. By the end of 2024, ITM Power wants to double its capacity by another 2.500 megawatts to 5.000 megawatts.
deep link
https://itm-power.com/news/itm-power-partners-with-vitol-for-hydrogen-refuelling
Class schedule
ITM Power and Vitol agree on a collaboration. © ITM Power
