UK Oil & Gas PLC Receives Support for Hydrogen Storage Projects from Summit Energy Evolution Ltd
Key Ideas
  • UK Oil & Gas PLC received a letter of support from Summit Energy Evolution Ltd for its Dorset and Yorkshire hydrogen storage projects.
  • Summit Energy Evolution Ltd expressed a commitment to invest in UK Oil & Gas' hydrogen storage subsidiary, UK Energy Storage Ltd.
  • The support from Summit will help UK Oil & Gas meet the British government's application criteria, bringing them a step closer to delivering the project.
  • Chief Executive Stephen Sanderson expressed optimism for future cooperation with Summit and securing additional support from other potential storage users and investors.
UK Oil & Gas PLC announced that it has received a letter of support from Summit Energy Evolution Ltd for its planned hydrogen storage projects in Dorset and Yorkshire. The London-based energy company highlighted that Summit's commitment includes investing in UK Oil & Gas' hydrogen storage subsidiary, UK Energy Storage Ltd. Summit Energy Evolution Ltd, a subsidiary of the Japanese trading conglomerate Sumitomo Corp, is dedicated to collaborating on sustainable energy transition technology. This support is crucial for UK Oil & Gas as it aligns with the British government's application criteria, bringing the company closer to project delivery. UK Oil & Gas' Chief Executive, Stephen Sanderson, expressed enthusiasm for the ongoing partnership with Summit and the potential for securing additional support from various stakeholders. Following this news, UK Oil & Gas shares showed a 6.8% increase in value in London trading.
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