18 Dec 2015 07:00
18 December 2015
TP GROUP PLC
("TPG", the "Company" or the "Group")
Participation in CryoHub research and development programme
TP Group PLC (AIM: TPG), the specialist technology, engineering and managed solutions group focused on the aerospace & defence and energy & process industry sectors, today announces it has signed a consortium agreement to participate in CryoHub, a research and development project funded under Horizon 2020, the EU Framework Programme for Research and Innovation.
The consortium is a pan-European team, led by London South Bank University's School of The Built Environment and Architecture, one of the leading urban engineering and sustainability research centres in the UK. The team will investigate the potential of a promising new technology - cryogenic energy storage (CES) - to solve the problem of how to store excess renewable energy. The intention is to use cheap, off-peak electricity to convert air into a liquid, which can then be stored over a long period of time in a storage vessel. Turning the liquid back to gas, by removing it from the store and applying heat to it, will produce a huge increase in volume and pressure - enough to power a turbine to generate electricity which can then be supplied back to the grid.
TPG's initial involvement in the project over the 2016/17 financial years is estimated to be circa €0.5m for the integration of its highly efficient turboexpander technology. The technology is already proven in other commercial systems, and this project will see the Group work to tailor the turboexpander specifically to meet the needs of the CES architecture. The work will be carried out over the next two years with the majority in 2016.
This agreement marks further progress for TPG as it is the first participation in a publicly funded research consortium in the exciting renewable energy sector. It places TPG's Design and Technology team at the forefront of renewable energy application development, working in a leading peer group alongside global industrial companies, technology specialists and academic institutions. The TPG directors believe that the resulting systems and applications will make a major contribution to consistent energy supply, providing safeguards against periods of intermittent supply and helping to stabilise the energy grid. This should open up significant new market opportunities for TPG and the other consortium partners.
In addition to the primary development, it is also anticipated that TPG's Engineering facility in Greater Manchester may be positioned to provide additional thermal engineering and fabrication support to the programme going forward.
Phil Cartmell, Group Chief Executive, commented:
"This award is further recognition of the innovation skills within TPG's Design & Technology team. I believe that TPG's involvement in the project is testament to our growing reputation at the forefront of renewable energy developments, opens up new application opportunities and positions the Group to benefit from the commercial markets that should emerge as a result."
Ends
For further information please contact: |
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TP Group Plc |
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Phil Cartmell, Chief Executive Officer | 01753 285 800 |
Mark Crawford, Chief Financial Officer |
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www.tpgroup.uk.com |
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Cenkos |
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Steven Keys / Mark Connelly | 020 7397 8980 |
www.cenkos.com |
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Vigo Communications |
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Jeremy Garcia / Fiona Henson | 020 7016 9570 |
www.vigocomms.com |
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NOTES TO EDITORS
About TP Group plc
TP Group is a specialist technology, engineering and managed solutions group focused on the aerospace & defence and energy & process industry sectors. The Group designs and builds valuable solutions for critical applications in thermal systems, renewable energy, atmosphere management and fabricated equipment; and provides support services through the equipment's lifetime. TP Group shares have been trading on AIM since July 2001.