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Pressure Technologies plc's wholly owned subsidiary, Chesterfield Special Cylinders Limited (CSC), was awarded a contract by Hydrasun Limited. CSC will supply pressurised hydrogen storage systems, utilising ultra-large Type 1 steel cylinder packages, to the bp Aberdeen Hydrogen Hub project. Manufacturing will commence in the third quarter of 2025, with finished systems delivered in early 2026, marking CSC's first contract for large-scale hydrogen storage systems for UK clean energy projects.
| Date | 19 Mar 2025 |
| Time | 07:00:05 |
| Category | Corporate updates |
| ID | 1966B |
19 March 2025
Pressure Technologies plc
("Pressure Technologies" or "the Company")
Hydrogen Storage Contract Placement
Pressure 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.
Utilising 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.
This 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).
This 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.
Chris Walters, Chief Executive of Pressure Technologies, commented:
"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.
With 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 programmes.
We are looking forward to the collaboration and continuing relationship with Hydrasun, where delivery of the Aberdeen Hydrogen Hub will enable us both to demonstrate our respective capabilities and help progress our ambitious plans in this quickly developing market."
Neil Thompson, Chief Executive Officer of Hydrasun, commented:
"The hydrogen economy will play a critical role in the energy transition and in meeting Net Zero targets in the UK and worldwide. We are excited to be working with Chesterfield Special Cylinders, an established and highly experienced UK supplier, on this project and look forward to future collaboration opportunities."
Additional Information
The person responsible for arranging release of this announcement on behalf of the Company is Chris Walters, Chief Executive.
For further information, please contact:
|
Pressure Technologies plc Chris Walters, Chief Executive |
Tel: 0333 015 0710 |
|
Singer Capital Markets (Nomad and Broker) Rick Thompson / Asha Chotai |
Tel: 0207 496 3000 |
COMPANY DESCRIPTIONS
Pressure Technologies plc is based in Sheffield and operates through its wholly owned subsidiary Chesterfield Special Cylinders ("CSC").
CSC is a market leading designer, manufacturer and supplier of safety-critical, high-pressure containment products and services to a global customer base in the defence, hydrogen energy, oil & gas and industrial markets.
For more information on CSC, please visit www.chesterfieldcylinders.com
Hydrasun
Hydrasun is a leading international provider of integrated fluid transfer, power and control products to a range market sectors worldwide.
Headquartered in Aberdeen, Hydrasun is part of D2Zero, a decarbonisation and clean energy solutions platform, combining differentiated technologies and solutions to help customers across a range of industries deliver on their decarbonisation and net zero objectives.
For more information on Hydrasun and D2Zeo, please visit www.hydrasun.com
BP Aberdeen Hydrogen Energy Limited and Aberdeen Hydrogen Hub
BP Aberdeen Hydrogen Energy Limited is a joint venture between BP and Aberdeen City Council formed in March 2022 to deliver a scalable green hydrogen production, storage and distribution facility in the city powered by renewable energy.
The joint venture secured funding from Strand Two of the UK Government's Net Zero Hydrogen Fund and Aberdeen City council secured funding from the Scottish Government's Energy Transition Fund, in support of the project.
For more information on BP Aberdeen Hydrogen Energy Limited and the Aberdeen Hydrogen Hub, please visit www.bpaberdeenhydrogenhub.com