26 Oct 2020 07:00
26 October 2020
IGas Energy plc (AIM: IGAS)
("IGas" or "the Company")
Memorandum of Understanding with BayoTech for Hydrogen Development
IGas is pleased to announce a further step in its strategy to be well placed in the energy transition by entering into heads of terms with BayoTech, a manufacturer of modular hydrogen generation systems, to produce hydrogen from certain of IGas' existing gas resources.
BayoTech, whose high efficiency, low carbon technologies originated in Sandia National Laboratories, is a hydrogen generation technology company offering hydrogen production solutions through rentals, leases, sales and Gas as a Service to customers worldwide. Headquartered and produced in New Mexico, USA, BayoTech's on-site hydrogen generators are more efficient than legacy steam methane reformers, leading to lower carbon emissions and low-cost hydrogen.
IGas has initially identified two of its existing sites, in the South East, where the gas resource can be reformed into hydrogen which will then be sold to local or national customers.
Commenting, IGas CEO, Steve Bowler said:
"I am very pleased to announce our partnership with BayoTech, a leading technologies business in hydrogen generation systems.
Preliminary engineering work has confirmed that gas at these sites is suitable for BayoTech's innovative, modular system.
We look forward to working with BayoTech to be well placed in the growing hydrogen economy which will add value to our existing gas resource through the delivery of cost effective hydrogen."
Commenting, BayoTech CEO, Mo Vargas said:
"IGas' leadership is a great example of where locally produced resources can be used in the energy transition to significantly reduce the carbon intensity associated with long distance transportation of hydrogen, support local jobs and provide the UK with low cost hydrogen to accelerate the new economy.
We are excited to be partners with IGas and look forward to the transformative plans we have together in providing low cost, low/no carbon hydrogen to the UK."
For further information please contact:
IGas Energy plc Tel: +44 (0)20 7993 9899
Stephen Bowler, Chief Executive Officer
Ann-marie Wilkinson, Director of Corporate Affairs
Investec Bank plc (NOMAD and Joint Corporate Broker) Tel: +44 (0)20 7597 5970
Sara Hale/Jeremy Ellis/Virginia Bull
BMO Capital Markets (Joint Corporate Broker) Tel: +44 (0)20 7653 4000
Tom Rider/Neil Elliot
Canaccord Genuity (Joint Corporate Broker) Tel: +44 (0)20 7523 8000
Henry Fitzgerald-O'Connor/James Asensio
Vigo Communications Tel: +44 (0)20 7390 0230
Patrick d'Ancona/Chris McMahon/Charlie Neish