Igas Energy PLC MoU with BayoTech for Hydrogen Development (1233D)
October 26 2020 - 2:00AM
UK Regulatory
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
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END
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