Search Share Prices
ITM Power awarded feasibility study grant from Massachusetts Clean Energy Center
Hydrogen energy solutions firm ITM Power has been awarded a grant from the Massachusetts Clean Energy Center to undertake a multi-MW power-to-gas feasibility study for the state.
The study, due to kick off in the second quarter of the year, will assess the potential for P2G energy storage and hydrogen fuel for the state of Massachusetts and will be undertaken in collaboration with Holyoke Gas and Electric, a local gas and electricity utility.
ITM and H&GE's twelve-month long project will determine the technical and economic feasibility for P2G and hydrogen fuel derived from renewable energy sources.
Steve Jones, managing director of ITM Power said, "The North East of the US has recently seen growth in energy storage deployments and has been identified as one of the next regions outside California for the rollout of fuel cell electric vehicles."
"Managing renewables is about harvesting and utilizing the maximum amount of energy possible. Generating green hydrogen for energy storage and vehicle fuel is a perfect way to achieve this," he added.
In December 2016, the Massachusetts Department of Energy Resources adopted a 200 megawatt-hour energy storage target for electric distribution companies to procure viable and cost-effective energy storage systems to be achieved by January 1, 2020.
Brian Beauregard, HG&E's electric superintendent, also noted that "converting excess renewable electricity into renewable gas and/or long-term storable clean energy enables a utility like HG&E to achieve benefits for both sides of our business."
As of 1440 GMT, shares had picked up 4.50% to 31.35p.