Last checked at 18 Dec 2014 07:00
18 December 2014
ITM Power plc
("ITM Power" or "the Company")
Gas Network Optimisation Contract with AMEC and National Grid
ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that it has secured a second commercial contract from AMEC Foster Wheeler plc ("AMEC") and National Grid plc ("National Grid") to create the business case for widespread deployment of Power-to-Gas energy storage technology to reduce the energy losses in the gas network.
This second follow-on project will build on the Phase 1 Technical Feasibility and identify specific sites on the gas network where Power-to-Gas can be most advantageously deployed. This will reduce energy losses and increase system efficiency for the UK gas network. AMEC, a tier 1 supplier to National Grid will lead the project and continue to provide a third party assessment of the benefits.
Dr Graham Cooley, CEO of ITM Power commented: "ITM Power is delighted to be working with National Grid and AMEC on the next phase of this implementation. We are all very encouraged by the project findings so far and the objective now is to identify the sites best suited to installing Power-to-Gas equipment. We are solving a problem common with all gas networks and there is very significant market potential in the UK and worldwide."
For further information please visit www.itm-power.com or contact:
ITM Power plc Graham Cooley, CEO
| 0114 244 5111 |
Zeus Capital Dan Bate/John Depasquale (Nominated Adviser) John Goold (Institutional Sales)
| 020 7533 7727 |
Tavistock Communications Simon Hudson / James Collins | 020 7920 3150 |
About ITM Power plc:
ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004 and raised its initial funding of £10m gross in its IPO. Further funding rounds of £28.5m in 2006, £5.4m in 2012, £2m in 2013 and £10m in 2014 have been completed. The Company has now made the transition from a research and development company to a product manufacturer and technology provider. The Company has both a strong base of intellectual property and engineering expertise for providing complete hydrogen solutions. The Company now has £8.51m of projects under contract and a strongly developing pipeline of projects and sales.
www.itm-power.com