ITM Power awarded grant

ITM Power, an energy storage and clean fuel company, has been awarded a grant under the Technology Strategy Board's Smart Power Distribution and Demand competition. The project is due to start in July of this year and will last 12 months. "The UK quotient of renewable energy generation is due to increase by a factor of five over the next decade and this will dramatically increase the unpredictability of supply," the firm said. "Coupled with existing curtailment traffic and distribution network bottlenecks, this presents a significant technical and financial challenge." "ITM Power's technology is ready at the 1MW level and we are very excited about energy storage using the injection of hydrogen directly into the gas grid. Managing renewables is about harvesting and utilising the maximum amount of energy possible. Generating green hydrogen and injecting it directly into the gas main grid is an excellent way of solving the renewable intermittency quandary." The share price rose 1.49% to 68.25p by 14:46. NR Itm Power