29th May 2024 14:37
(Alliance News) - UK Oil & Gas PLC on Wednesday said it received a letter of support for its planned Dorset and Yorkshire hydrogen storage projects from Summit Energy Evolution Ltd.
The London-based energy exploration and production company said the letter outlined a commitment from Summit to invest in the company's hydrogen storage subsidiary, UK Energy Storage Ltd.
Summit, a London-based subsidiary of Japanese trading conglomerate Sumitomo Corp, is focused on collaborating to deliver sustainable energy transition technology.
The letter will help ensure the UK Oil & Gas subsidiary meets the British governments application criteria, moving the company a step closer to delivering the project.
Chief Executive Stephen Sanderson said: "We look forward to continued and fruitful cooperation with SEEL/Sumitomo and to securing further LOS from other potential storage users and investors."
UK Oil & Gas shares were up 6.8% to 0.025 pence each in London on Wednesday afternoon.
By Elijah Dale, Alliance News reporter
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