Hydrogen Storage Contract Placement

About this update from Chesterfield Special Cylinders Holdings Plc

[{"type":"text","content":"\n\n\n19 March 2025\n \nPressure Technologies plc\n(\"Pressure Technologies\" or \"the Company\")\nHydrogen Storage Contract Placement\nPressure Technologies plc (AIM: PRES) is pleased to announce that its wholly owned subsidiary, Chesterfield Special Cylinders Limited (CSC), has been awarded a strategically significant contract by hydrogen systems integrator, Hydrasun Limited, to supply pressurised hydrogen storage systems to bp Aberdeen Hydrogen Hub project, a joint venture between bp and Aberdeen City Council.\nUtilising ultra-large Type 1 steel cylinder packages designed and manufactured by CSC, the hub will feature integrated hydrogen production, buffer storage and distribution facilities, using electricity generated locally by a dedicated solar power plant. CSC will commence manufacturing in the third quarter of 2025 and finished systems will be delivered to the project in early 2026. \nThis is the first contract secured by CSC to supply large-scale hydrogen storage systems to groundbreaking clean energy projects in the UK, and the award represents a significant strategic milestone for the Company.  CSC remains well positioned to supply future projects that are anticipated as part of the UK government's Net Zero strategy, including those already planned or under development in the first and second Hydrogen Allocation Rounds (HAR1 and HAR2).\nThis contract is the first of two anticipated orders for large-scale hydrogen storage noted in our FY24 Preliminary Results announcement on 5 February 2025.  Further hydrogen contract awards are anticipated within the first half of 2025 which, together with this award, will underpin expected hydrogen revenues for CSC in FY25 and FY26.\nChris Walters, Chief Executive of Pressure Technologies, commented:\n\"As our first contract to supply large-scale hydrogen storage systems to a new generation of groundbreaking clean energy projects in the UK, this award represents a significant strategic milestone. \nWith our world-leading reputation and over 100 years' experience in the design, manufacture and lifecycle support of safety-critical hydrogen storage and transportation systems, we remain well positioned to supply future projects anticipated as part of the UK government's Net Zero strategy, including those already planned or under development for HAR1 and HAR2 prog...

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