19th Apr 2016 08:12
LONDON (Alliance News) - Energy storage and clean fuel company ITM Power PLC on Tuesday said it has won a EUR2.8 million grant for the HPEM2GAS project, funded by the Fuel Cells and Hydrogen Joint Undertaking under Horizon 2020.
ITM will receive EUR915,650 over three years. Horizon 2020 is an EU research and innovation programme, with nearly EUR80 billion in funding over seven years from 2014 to 2020.
The HPEM2GAS project aims to further develop ITM's electrolyser offering by incorporating smarter Balance of Plant and lower-cost Proton Exchange Membrane stack technology, which ITM said will better serve the "growing challenges" faced by electricity grids as they assimilate greater quantities of renewable power.
ITM added that the improved electrolyser system will lead to a significant reduction in the electrolyser total cost of ownership.
"We are delighted to be participating in this project which represents ITM Power's culture of continuous improvement. The commercial spirit of the consortium is particularly pleasing and we look forward to demonstrating the next generation of smart electrolyser systems with Stadtwerk Emden in Germany, one of our fastest growing markets," Chief Executive Graham Cooley said in a statement.
Shares in ITM were trading up 8.4% at 12.19 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Itm Power