ITM Power PLC Motive Ltd. the ITM/Vitol JV appoints CEO

TIDMITM

ITM Power PLC

31 October 2022

ITM Power plc

("ITM", "ITM Power", the "Group" or the "Company")

Motive Ltd. the ITM/Vitol JV appoints CEO

ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that Motive Fuels, an equal joint venture between ITM Power and Vitol, has appointed Jean-Marc Gales as its new Chief Executive Officer effective 30th January 2023.

Jean-Marc has spent 30 years in the automotive industry and brings a wealth of technical, design, engineering, commercial and sales experience as a very senior executive, most recently serving as Chairman of Williams Advanced Engineering before its sale to Fortescue. In a distinguished career, Jean-Marc led the successful turnaround of Lotus as CEO. He was a former CEO of Peugeot and Citroen, where he delivered a new product portfolio, and CEO of CLEPA, the European Association of Automotive Suppliers.

Sir Roger Bone, Chairman of Motive Fuels and of ITM Power, said: "I'm pleased to welcome Jean-Marc to lead Motive Fuels in what is an exciting period for the company amid growing interest in large vehicle hydrogen mobility. Jean-Marc's experience in the sale of Williams Advanced Engineering to Fortescue demonstrate his passion for hydrogen mobility. ITM Power and Vitol look forward to working with Jean-Marc, a true automotive expert, in transitioning large vehicle mobility towards a cleaner, greener future."

Sir Alan Duncan, Co-Chair of Motive Fuels and Business Development at Vitol, said: "Motive Fuels is very fortunate to have been able to appoint Jean-Marc as its CEO. His great wealth of experience in the automotive sector, and his track-record of building up companies, are perfect for developing Motive. As we pioneer hydrogen for heavy transport, his appointment puts the company in a strong position to succeed and establish itself as a leading force in the sector."

Jean-Marc Gales, CEO of Motive, added: "I am delighted to join Motive at an exciting time for the company. The interest in green hydrogen has been rising across the globe and the clean energy transition away from fossil fuels is rapidly gaining pace. The best hydrogen fuel potential in the future is the transportation sector, specifically medium and heavy duty trucks. I am looking forward to working with the teams of Motive, ITM Power, and Vitol to accelerate the transition of heavy transport to clean renewable hydrogen fuel, and lead the company into the next chapter of development and growth."

For further information please visit www.itm-power.com / www.motivefuels.com or contact:

 
 ITM Power plc 
 James Collins, Investor Relations               +44 (0)114 551 1205 
  Justin Scarborough, Investor Relations          +44 (0)114 551 1080 
 Investec Bank plc (Nominated Adviser and 
  Broker)                                        +44 (0)20 7597 5970 
 Jeremy Ellis / Chris Sim / Ben Griffiths 
 Tavistock (Financial PR and IR)                 +44 (0)20 7920 3150 
 Simon Hudson / Tim Pearson / Charlie Baister

About ITM Power plc:

ITM Power manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of renewable hydrogen for transport, renewable heat and chemicals. ITM Power PLC was admitted to the AIM market of the London Stock Exchange in 2004.

ITM Power operates from the world's largest operational electrolyser factory in Sheffield with a capacity planned to reach 1.5 GW (1,500 MW) per annum and has an ambition to grow capacity in line with demand to 5 GW per annum, supported by a GBP250m equity raise in Q4 2021. Partners include Linde, Shell, Snam, and Vitol among others.

About Motive Fuels:

Motive Fuels owns and operates the largest portfolio of Hydrogen Refuelling Stations across England. Motive's newest site at Tyseley is the largest green hydrogen production facility in the UK and the only site capable of providing zero-carbon hydrogen for buses and HGVs. Motive Fuels is a 50:50 joint venture between ITM Power (AIM: ITM) and Vitol. The mission of Motive Fuels is to decarbonise the UK heavy vehicle fleet using green hydrogen generated on-site. Motive Fuels builds on the expertise of ITM Power electrolysis and Vitol energy trading to bring together a unique offering in green hydrogen generation and supply.

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