ITM Power PLC Massachusetts Power-to-Gas Feasibility Study (9114J)
05 April 2018 - 4:15PM
UK Regulatory
TIDMITM
RNS Number : 9114J
ITM Power PLC
05 April 2018
5 April 2018
ITM Power plc
("ITM Power" or the "Company")
Massachusetts Power-to-Gas Feasibility Study
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to announce the award of a grant from the Massachusetts
Clean Energy Center (MassCEC) to undertake a multi-MW Power-to-Gas
(P2G) feasibility study for the Massachusetts region.
The study will assess the potential for P2G energy storage and
hydrogen fuel for the Massachusetts region in collaboration with
Holyoke Gas and Electric (HG&E), a local gas and electricity
utility, and will determine the technical and economic feasibility
for P2G and hydrogen fuel derived from renewable energy
sources.
The project is due to commence in Q2 2018 and has a duration of
12 months.
In December 2016 The Massachusetts Department of Energy
Resources (DOER) adopted a 200 Megawatt hour (MWh) energy storage
target for electric distribution companies to procure viable and
cost-effective energy storage systems to be achieved by January 1,
2020.
Steve Jones, Managing Director of ITM Power Inc., commented:
"ITM Power's technology is available today at the multi-MW level
for utility customers. We are excited to be working with Holyoke
Gas and Electric on this project. The North East of the US has
recently seen growth in energy storage deployments and has been
identified as one of the next regions outside California for the
roll out of fuel cell electric vehicles. Managing renewables is
about harvesting and utilizing the maximum amount of energy
possible. Generating green hydrogen for energy storage and vehicle
fuel is a perfect way to achieve this."
Brian Beauregard, Superintendent - Electric at HG&E, said:
"Converting excess renewable electricity into renewable gas and/or
long-term storable clean energy enables a utility like HG&E to
achieve benefits for both sides of our business. HG&E is
looking forward to assessing the potential benefits and use cases
for this technology with ITM Power."
For further information please visit www.itm-power.com or
contact:
ITM Power plc
Andy Allen, CFO +44 (0)114 244 5111
Investec Bank plc (Nominated Adviser and
Broker)
Corporate Finance: Jeremy Ellis / Jonathan
Wynn
Corporate Broking: Chris Sim / Rob Baker +44 (0)20 7597 5970
Tavistock (Financial PR and IR)
Simon Hudson / James Collins +44 (0)20 7920 3150
About ITM Power
ITM Power manufactures integrated hydrogen energy solutions for
grid balancing, energy storage and the production of green hydrogen
for transport, renewable heat and chemicals. ITM Power was admitted
to the AIM market of the London Stock Exchange in 2004. In
September 2017 the Company announced the completion of a GBP29.4m
working capital fundraise. The Company signed a forecourt siting
agreement with Shell for hydrogen refuelling stations in September
2015 and subsequently a deal to deploy a 10MW electrolyser at
Shell's Rhineland refinery. Additional customers include National
Grid, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai, Anglo American
among others. The Company currently has GBP33.3m of projects under
contract and a further GBP5.5m of contracts in the final stages of
negotiation constituting a total of GBP38.9m, subject to exchange
rate variations.
About Holyoke Gas and Electric
HG&E is working to keep utility bills at some of the lowest
rates in New England. HG&E prides itself in its ability to
conserve and protect the environment, while reducing the overall
carbon footprint of the community. Through energy production
projects, such as solar and hydro, over 65% of electricity sold by
HG&E is produced from local renewable resources and over 90% of
electricity sold is carbon-free. HG&E's Energy Mix far exceeds
the Commonwealth's renewable portfolio standard requirements for
utilities. In addition, HG&E offers aggressive energy
conservation assistance programs, providing customers an ability to
reduce energy consumption through a variety of measures such as:
interest-free assistance, rebates, energy education, economic
development and first-time homebuyer discounts, energy audits, and
much more. For more information: http://www.hged.com/
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCMMGGDVKFGRZG
(END) Dow Jones Newswires
April 05, 2018 02:15 ET (06:15 GMT)
Itm Power (LSE:ITM)
Historical Stock Chart
From Apr 2024 to May 2024
Itm Power (LSE:ITM)
Historical Stock Chart
From May 2023 to May 2024