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UK Oil & Gas Investments ( (GB:UKOG) ) has provided an announcement.
UK Energy Storage, a wholly owned subsidiary of UK Oil & Gas, has signed a memorandum of understanding with Wales & West Utilities, the main gas pipeline operator in Wales and the South West, to support the development of a regional hydrogen network. The agreement centres on integrating UKEn’s planned South Dorset salt-cavern hydrogen storage with WWU’s proposed HyLine South West pipeline, which is intended to connect hydrogen suppliers, customers and storage across the region.
Under the MOU, the parties aim to link the HyLine South West system directly or indirectly to UKEn’s storage site, jointly pursue UK government revenue support under the Hydrogen Transport and Storage Business Model, and promote wider hydrogen pipeline and storage infrastructure in WWU’s operating area. The deal complements UKEn’s existing arrangement with National Gas for national-scale connectivity, and is portrayed by both companies as a key step toward enabling large-scale, resilient hydrogen supply and supporting industrial decarbonisation in Wales and the South West.
More about UK Oil & Gas Investments
UK Oil & Gas PLC, listed on London AIM, operates through its clean energy subsidiary UK Energy Storage to develop large-scale hydrogen storage in salt caverns in southern England. The company is positioning itself within the emerging UK hydrogen economy by targeting national and regional pipeline connectivity to serve hydrogen producers, offtakers and industrial users in Wales, the South West and beyond.
Average Trading Volume: 206,925,632
Technical Sentiment Signal: Strong Sell
Current Market Cap: £4.47M
See more data about UKOG stock on TipRanks’ Stock Analysis page.