ITM Power surges on RWE project delivery

18th Aug 2015 08:09

(ShareCast News) - Shares in ITM Power surged over 10% early on Tuesday, as the energy storage group confirmed it had officially launched a high-tech gas-to-power plant for RWE in Germany.In December last year, the London-listed company secured a deal with energy giant RWE to supply a rapid response power-to-gas to PEM electrolyser system in Ibbenbüren, North Rhine Westphalia.The site converts electrical energy into chemical energy, while excess electricity from renewable sources is converted into hydrogen, which can be stored within the natural gas network.RWE described the process as one of the "key technologies for tomorrow's energy supply"."The state-of-the-art plant is part of a new system that, for the first time ever, links together the supply of local electricity, natural gas and district heating," ITM said on a statement on Tuesday.ITM shares were up 10.14% to 28.50p at 0826 BST on Tuesday.