11th Nov 2013 09:17
LONDON (Alliance News) - Flowgroup PLC Monday said its compressed air battery technology business has been awarded a three-year framework agreement by National Grid PLC.
The developer of alternative energy products said the deal is to replace National Grid's conventional lead-acid backup power units as they reach the end of their service life.
The company said the framework agreement is for an initial three-year period which can be extended by up to two additional years. There are 303 National Grid substations in England and Wales, which incorporate 3,200 backup power battery systems.
Flowgroup shares were up 13% to 17.39 pence, putting it in the top three AIM movers in early trading Monday. National Grid shares were off 0.50 pence at 773.50p.flow
By Tom McIvor; [email protected]; @TomMcIvor1
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