The Corporate and M&A team from independent UK law firm Burges Salmon has advised long-standing client ITM Power PLC, the energy storage and clean fuel company, on the sale of its 50% stake in its hydrogen refuelling joint venture, Motive Fuels, to hydrogen fund HYCAP Group.
The deal, which will enable ITM to reallocate £28 million of capital for investment in its core business, will see HYCAP take full control of hydrogen refuelling business, Motive Fuels.
Andy Allen, Chief Financial Officer of ITM Power, says: “This sale marks another important step on our 12-month plan to make ITM Power a more focused company, allowing us to redirect £28m of pre-committed ringfenced capital to our core business. Under its new HYCAP ownership, we wish Motive Fuels Ltd every success for the future and the contribution that it will play in helping to decarbonising the UK transport sector. We would also like to thank the Burges Salmon team once again for their expert legal advice in enabling the successful completion of this sale.”
The Burges Salmon team advising ITM Power on this sale was led by partner Mark Shepherd, alongside senior associate Amy Carr from the firm’s Corporate and M&A team.
Mark Shepherd adds: “This sale is an important step in helping ITM to implement its 12-month plan, and we’re therefore delighted to have supported the ITM team in successfully delivering it.”