Itm Power Share Discussion Threads

[moontheloon] 14/8/2023 07:58

In all honesty it's sounding like left in capable hands and getting the seeding funding back .. that's it.

[norbus] 14/8/2023 07:58

28 millions comes back. What major news in store for 17.8 that the deck had to be cleared before hand ?

100MW orders .? How many? RWE ? YARA ? Shell ?

[grahamwales] 14/8/2023 07:57

Moon

Did you not understand the initial agreement

[moontheloon] 14/8/2023 07:56

The agrees exit ...intimates it's a freebie. In which case .. the bad news I'm afraid to say.

[moontheloon] 14/8/2023 07:55

IN BRIEF: ITM Power agrees exit from hydrogen refuelling station chainMon, 14th Aug 2023 07:49?ITM Power PLC - Sheffield, England-based maker of electrolysers to produce green hydrogen - Signs non-binding heads of terms agreement to sell Motive Fuels Ltd, a 50-50 joint venture set up in 2022 with Vitol Holdings SARL to build hydrogen refuelling stations in the UK. Doesn't say whether new agreement is with Vitol or another company but says it expects the deal to be completed by the end of calendar 2023. ITM Power and Vitol each had committed GBP30 million as seed funding to the joint venture, and ITM Power says its exit will free up GBP28 million in pre-committed cash for its core business of becoming a volume manufacturer of electrolysers. "Motive has been an important part of ITM's journey, and it is important to us that the business will be left in capable and ambitious hands," ITM Power Chief Financial Officer Andy Allen says.Current stock price: 97.62 pence12-month change: down 61%By Tom Waite, Alliance News

[a.fewbob] 14/8/2023 07:53

More bad news? Can’t read the RNS right now…

[grahamwales] 14/8/2023 07:52

Gary

The cash was put to one side to develop more filling stations. Vitol committed the same amount. This has not happened hence why they have 28 million to re invest in the core business.

[institutional investments] 14/8/2023 07:47

Typical offload rise into it so not much good to follow up on it

[moontheloon] 14/8/2023 07:40

This could be the write off and warranty column worry I had. If they gave us a figure this could have been welcome news.

[moontheloon] 14/8/2023 07:39

I didn't, sorry should be a comma . Lol

[garybrandon] 14/8/2023 07:37

The write offs are massive leading to yet bigger losses, 70 is fast approaching, least you know it’s coming!

[moontheloon] 14/8/2023 07:37

A figure would have been nice. Sensibly speaking you'd expect 30m from element. But AA doesn't deliver good news ever . This time it's no news at all. It can't be a take it off our hands job we will just take our funding back? If this was case you'd expect a commitment to itm tech ongoing in the contact sale

[grahamwales] 14/8/2023 07:37

Moon where do you get 30million spent on motive?

[garybrandon] 14/8/2023 07:36

Splitting hairs G/W

with GBP30m committed by each JV party as seed funding. However, one of the three priorities of our 12-month plan is increased cost and capital discipline. The planned transaction will allow ITM to redirect GBP28m of pre-committed cash

[moontheloon] 14/8/2023 07:33

Fair point sonic , but capable hands got to assume he means using our kit. Not using our kit and then it's a big blow aside from the 30m seeding funding itm spent plenty on motives development prior to JV. Shell shut down there's.. it's not been a stellar history tbh

[garybrandon] 14/8/2023 07:30

Market will not like this uncertainty for sure, with results delay it’s not looking good, hope I’m wrong for you G/W

[grahamwales] 14/8/2023 07:30

Gary haha £30 million contract pmsl

Little knowledge is dangerous 😂😂😂😂

[garybrandon] 14/8/2023 07:25

You can’t just walk away from a £30m contract, ITM have contractual responsibilities, why have no figures been issued then, smells of horrible news

[sonic25] 14/8/2023 07:22

I wonder if the 240 MW preferred supplier agreement still remains?

"The partners intend to build Motive into a pan-European hydrogen refuelling company. Starting in the UK and expanding across Europe, Motive's refuelling network will sell green hydrogen produced by ITM Power's market-leading electrolyser technology. ITM Power will be the preferred supplier of energy services to Motive; it has committed 240 MW of electrolyser manufacturing capacity to the initiative."

[grahamwales] 14/8/2023 07:20

Gary

Why would they buy themselves out. If they wanted to they could have just shut them down. They are a goi g concern and used by buses and cars

[pugugly] 14/8/2023 07:19

Looks like another fallout from poor management.