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IGas enters hydrogen heads of terms with BayoTech
26th Oct 2020 15:55
(Sharecast News) - IGas Energy has entered into heads of terms with modular hydrogen generation systems manufacturer BayoTech to produce hydrogen from some of its existing gas resources, it announced on Monday.
The AIM-traded firm said BayoTech's high efficiency, low carbon technologies originated in Sandia National Laboratories, and described it as a hydrogen generation technology company offering hydrogen production solutions through rentals, leases, sales and 'gas-as-a-service' to customers globally.
Headquartered and produced in New Mexico, BayoTech's on-site hydrogen generators were described as "more efficient" than legacy steam methane reformers, leading to lower carbon emissions and low-cost hydrogen.
IGas said it had initially identified two of its existing sites, in the south east, where the gas resource could be reformed into hydrogen which would then be sold to local or national customers.
"I am very pleased to announce our partnership with BayoTech, a leading technologies business in hydrogen generation systems," said chief executive officer Steve Bowler.
"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."
At 1437 GMT, shares in IGas Energy were broadly flat at 10.5p.
The AIM-traded firm said BayoTech's high efficiency, low carbon technologies originated in Sandia National Laboratories, and described it as a hydrogen generation technology company offering hydrogen production solutions through rentals, leases, sales and 'gas-as-a-service' to customers globally.
Headquartered and produced in New Mexico, BayoTech's on-site hydrogen generators were described as "more efficient" than legacy steam methane reformers, leading to lower carbon emissions and low-cost hydrogen.
IGas said it had initially identified two of its existing sites, in the south east, where the gas resource could be reformed into hydrogen which would then be sold to local or national customers.
"I am very pleased to announce our partnership with BayoTech, a leading technologies business in hydrogen generation systems," said chief executive officer Steve Bowler.
"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."
At 1437 GMT, shares in IGas Energy were broadly flat at 10.5p.