Right -- two hots and a ground for 240V. No neutral.
If you have a neutral because you're also wanting to get 120V out of this same setup, it gets tied to the ground bar in the breaker box, along with the ground wire, and from that point on the neutral and the ground STAY SEPARATE.
Then you can get 120V from either hot leg, and the neutral. While this works -- getting both 240V and 120V from a 3-wire setup, from a single double-pole breaker -- I'm not entirely convinced a wiring inspector would like it.
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