(Alliance News) - Energy storage firm ITM Power PLC on Tuesday said it was awarded GBP7.5 million in funding for the second phase of its Gigastack renewable hydrogen joint-venture project.
The funding will come from the UK Department for Business, Energy & Industrial Strategy's Hydrogen Supply Competition.
The Gigastack project aims to show that hydrogen can be generated from offshore wind, in a bid to cut carbon emissions.
"Producing hydrogen has traditionally been associated with high carbon emissions, but by using renewable electricity, eg from an offshore wind farm, the process of producing hydrogen from water can be completely decarbonised," ITM Power added.
ITM's partners in the project include Danish energy firm Orsted AS, Texas-based Phillips 66 Co and Element Energy.
ITM said: "A key objective of the Gigastack project is to identify and highlight regulatory, commercial and technical challenges for real applications of industrial-scale renewable hydrogen systems."
Shares in the company were down 2.8% at 154.00 pence each in London on Tuesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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Itm Power (ITM)