By Rhea Healy2017-01-13T14:57:00+00:00
Energy storage and clean fuel company ITM Power has announced the sale of a €700,000 ($744,000) electrolyser system to a global specialty gas company.
Details around the contract are being kept well-guarded for the time being, with ITM Power’s CEO Dr Graham Cooley saying that he will update the market on further progress from this “important relationship” in due course.
Aspects surrounding the specialty gas company’s identity and financial details of the deal have not been disclosed.
ITM Power completed the sale by competitive tender.
Cooley enthused, “We are delighted to have been successful in another tender process as part of key strategic hydrogen refuelling initiative.”
ITM Power was founded in 2001 and manufactures integrated hydrogen energy solutions for grid balancing and energy storage services.
The company currently has a total of £21.52m ($26.3m) worth of contracts in the pipeline, with £20.15m ($24.6m) of projects under contract and a further £1.37m ($1.7m) of contracts in the final stages of negotiations.
ITM Power has announced that, as part of the HyDeploy consortium, it will be supplying a 0.5MW electrolyser to a programme to demonstrate the use of blended hydrogen (H2) in the UK gas grid.
ITM Power has conditionally raised a total of £5.7m ($7.1m) from the accelerated bookbuild offering and has released its interim results.
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