ITM Power sells electrolyser to Dutch-owned EnergyStock

Josh White WebFG News | 19 Sep, 2017 15:45 - Updated: 15:45 | | |

cash money sterling pound

ITM Power

41.87

17:18 17/11/17
3.08%
1.25
  • 1,023.43
  • 0.18%1.82
  • Max: 1,023.88
  • Min: 1,021.32
  • Volume: 0
  • MM 200 : n/a
17:25 17/11/17

Energy storage and clean fuel company ITM Power announced on Tuesday that EnergyStock, a subsidiary of Dutch gas transmission network operator Gasunie, has purchased an ITM Power 1.1MW rapid-response PEM electrolyser.

The AIM-traded firm said the sale was won in a competitive tender process, and included an after-sales support contract.

It said the electrolyser would be located at EnergyStock's Zuidwending salt cavern storage facility in northern Netherlands, and the generated hydrogen would be either used on-site within EnergyStock's systems, or dispensed into tube trailers for supply to future hydrogen refuelling stations.

Power would be delivered to the equipment via TenneT's high voltage electricity network.

“We are delighted to be working with EnergyStock in the rapidly developing power-to-gas energy storage market,” said ITM Power CEO Graham Cooley.

“Power-to-gas is the lowest cost long duration energy storage technique known.”

Dr Cooley explained that power-to-cas energy storage was “joined-up energy systems thinking”, as it exploited the virtues of an existing asset - the gas grid - to decarbonise both electricity and gas networks.

“Using excess renewable power to provide renewable heat combines two problems into one elegant solution.”

More news

19 Nov US close: Stocks end week on a soft note, White House in focus

Wall Street went into the weekend before Thanksgiving Day slightly lower, with analysts continuing to mull developments regarding Russia's alleged involvement in the US presidential election.

19 Nov Week ahead: Spotlight on Hammond

In the UK, the focus will be on the Chancellor's Budget on Wednesday, with fresh data on public sector net borrowing on Tuesday possibly helping to set the tone for his announcements.

19 Nov Sunday share tips: Merlin Entertainments, Amryt Pharma

Stock in Merlin Entertainments is best avoided, The Sunday Times's John Collingridge says, pointing to the increasing headwinds the company is facing in the UK which will be compounded by the outfit's strategy of focusing on growth overseas.

19 Nov Sunday newspaper round-up: Zimbabwe, Budget, Merkel

It felt like a revolution. They came from all over the country and all walks of life. Young and old, opposition activists and party apparatchiks, white farmers and black war veterans, housewives and their maids. For years many of them had been on opposing sides, but yesterday they had one common objective. "Mugabe must go!" read the banners as thousands of Zimbabweans filled the streets of Harare draped in their red, yellow, green and black flag, playing music, dancing and hugging strangers. - The Sunday Times

17 Nov Europe close: Stocks slip going into the weekend

Stocks reversed early gains as investors opted to play it safe going into the weekend and the euro edged a tad higher on the back of the political gyrations on Capitol Hill.

17 Nov Europe open: Stocks start slightly higher, analysts wary

Stocks have started the morning trading slightly higher, tracking overnight gains on Wall Street but analysts are worried about buying into Thursday's bounce.

17 Nov London close: Stocks finish week on down note

London's top flight index slipped on Friday, but managed to finish well-off its lows of the session despite renewed Brexit angst as the pound gave back early gains.

17 Nov Kingfisher gets RBC upgrade as 'reasons to be cheerful' in France

DIY retailer Kingfisher has more "reasons to be cheerful" thanks to an improving French outlook, analysts at RBC Capital Markets said on Friday, while clothes seller Supergroup remains "compelling" but its shares have gained a lot in recent weeks.

17 Nov NAV on the rise as Alpha Real Estate Trust turns focus to build-to-rent market

Real estate investment group Alpha Real Trust saw its net asset value (NAV) rise in its first half of trading as it moved to make further investments in build-to-rent projects.

17 Nov Pacific Industrial & Logistics completes sale of Bedford asset

Industrial and logistics-focussed real estate investment trust Pacific Industrial & Logistics has completed the sale of an asset located at Hammond Road, Bedford, for a total consideration of £5.8m, it announced on Friday.