IGas Energy rockets on SSE agreement
Shares of IGas Energy surged on Monday after it signed a memorandum of understanding with SSE for the development of a geothermal district heating project in Stoke-on-Trent.
SSE said it will develop and deliver a district heating network in Stoke-on-Trent working with GTE and the City Council.
The MoU grants exclusivity to each of SSE and GTE for a year, with certain milestones including executing a heat offtake agreement in relation to GTE's future geothermal plant.
Giles Newton, head of Business Development for SSE Energy Solutions, said: "We are delighted to announce our partnership with GT Energy which will help us to fully explore the feasibility of providing heat offtake from their future geothermal project in the Stoke area.
"We have proven expertise in the sector, with our 19 existing UK heat network sites, and we believe that geothermally sourced energy will play a vital role in decarbonising heat, as well as having the potential to tackle 'hard to decarbonise' process heat. We look forward to developing the Stoke City project with GT Energy over the next 12 months."
At 1230 BST, IGas shares were up 92% at 36.49p.