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IGAS Igas Energy Plc

14.89
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Igas Energy Plc LSE:IGAS London Ordinary Share GB00BZ042C28 ORD 0.002P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 14.89 14.80 14.98 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Igas Energy PLC MoU with BayoTech for Hydrogen Development (1233D)

26/10/2020 7:00am

UK Regulatory


Igas Energy (LSE:IGAS)
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From Mar 2019 to Mar 2024

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TIDMIGAS

RNS Number : 1233D

Igas Energy PLC

26 October 2020

26 October 2020

IGas Energy plc (AIM: IGAS)

("IGas" or "the Company")

Memorandum of Understanding with BayoTech for Hydrogen Development

IGas is pleased to announce a further step in its strategy to be well placed in the energy transition by entering into heads of terms with BayoTech, a manufacturer of modular hydrogen generation systems, to produce hydrogen from certain of IGas' existing gas resources.

BayoTech, whose high efficiency, low carbon technologies originated in Sandia National Laboratories, is a hydrogen generation technology company offering hydrogen production solutions through rentals, leases, sales and Gas as a Service to customers worldwide. Headquartered and produced in New Mexico, USA, BayoTech's on-site hydrogen generators are more efficient than legacy steam methane reformers, leading to lower carbon emissions and low-cost hydrogen.

IGas has initially identified two of its existing sites, in the South East, where the gas resource can be reformed into hydrogen which will then be sold to local or national customers.

Commenting, IGas CEO, Steve Bowler said:

"I am very pleased to announce our partnership with BayoTech, a leading technologies business in hydrogen generation systems.

Preliminary engineering work has confirmed that gas at these sites is suitable for BayoTech's innovative, modular system.

We look forward to working with BayoTech to be well placed in the growing hydrogen economy which will add value to our existing gas resource through the delivery of cost effective hydrogen."

Commenting, BayoTech CEO, Mo Vargas said:

"IGas' leadership is a great example of where locally produced resources can be used in the energy transition to significantly reduce the carbon intensity associated with long distance transportation of hydrogen, support local jobs and provide the UK with low cost hydrogen to accelerate the new economy.

We are excited to be partners with IGas and look forward to the transformative plans we have together in providing low cost, low/no carbon hydrogen to the UK."

For further information please contact:

IGas Energy plc Tel: +44 (0)20 7993 9899

Stephen Bowler, Chief Executive Officer

Ann-marie Wilkinson, Director of Corporate Affairs

   Investec Bank plc (NOMAD and Joint Corporate Broker)                 Tel: +44 (0)20 7597 5970 

Sara Hale/Jeremy Ellis/Virginia Bull

BMO Capital Markets (Joint Corporate Broker) Tel: +44 (0)20 7653 4000

Tom Rider/Neil Elliot

Canaccord Genuity (Joint Corporate Broker) Tel: +44 (0)20 7523 8000

Henry Fitzgerald-O'Connor/James Asensio

Vigo Communications Tel: +44 (0)20 7390 0230

Patrick d'Ancona/Chris McMahon/Charlie Neish

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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(END) Dow Jones Newswires

October 26, 2020 03:00 ET (07:00 GMT)

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