ITM Power secures funding for Project Centurion

28th Sep 2018 09:35

(Sharecast News) - Energy storage and clean fuel company ITM Power has received an undisclosed sum from the UK's innovation agency for a feasibility study on a potential 100-megawatt power-to-gas energy storage project in Cheshire.Innovate UK has providing funding for Project Centurion, ITM's project to explore the electrolytic production, pipeline transmission, salt cavern storage and gas grid injection of green hydrogen at an industrial scale, with the feasibility study set to look into system design and costs in order to assess the project's business case for deployment.ITM, which has partnered with Inovyn, Storengy, Cadent and Element Energy on the project, believes the energy storage system can produce low carbon hydrogen for heat, decarbonisation of industry and transport fuel.Once successfully demonstrated, ITM claimed such systems could make a "significant contribution to the decarbonisation of the electricity and gas networks".ITM Power's chief executive Dr Graham Cooley, said: "Project Centurion is an ambitious project with an important consortium of industrial partners that share a world-class vision of power-to-gas energy storage." "The project explores green hydrogen production, pipeline transmission, salt cavern storage and gas grid injection at an industrial scale and will assess the business case for deployment."As of 0930 BST, ITM Power shares had ticked up 0.75% to 26.70p.