LONDON (Alliance News) - TP Group PLC on Friday said it has signed a consortium deal to participate in CryoHub, a European Union-funded energy research and development project.
The consortium will look into the potential of cryogenic energy storage, with the intention of using cheap, off-peak electricity to convert air into a liquid that can then be stored over a longer period of time in a storage vessel. Turning the liquid back to gas will produce a big increase in volume and pressure, enough to power a turbine and generate electricity that can then be supplied back to the grid.
The technology and engineering company said its initial involvement is expected to be around EUR500,000 for the integration of its 'turboexpander' technology, with work to be carried out over the next two years.
Shares in TP Group were up 0.5% at 3.14 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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