13th Jun 2016 10:28
LONDON (Alliance News) - ITM Power PLC Monday noted an announcement from Germany's Thuga Group demonstrating the positive operational performance of the ITM Power-to-Gas plant it purchased two years ago.
The plant continued to exceed expectations over two years of rigorous testing, Thuga said. Testing showed that the power-to-gas technology is able to provide primary balancing services.
"These findings show that the power-to-gas plant could be operated economically, since the potential revenues for primary balancing are higher," said Thuga Chief Executive Michael Riechel in a translated statement.
"In the two years since starting up our power-to-gas plant, we have demonstrated the practicality of this technology," Riechel said.
Shares in ITM were down 7.1% at 16.61 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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