Shares of engineering group Pressure Technologies (LON: PRES) are rallying on Tuesday after the company announced its wholly-owned subsidiary, Chesterfield Special Cylinders, has secured a contract with Haskel Hydrogen Group for the supply of high-pressure Type 1 steel vessels to be used for hydrogen storage in three new hydrogen refuelling stations.
The contract will be delivered through summer 2021 and increases the number of hydrogen refuelling stations projects secured by Chesterfield for Haskel in Europe.
Chesterfield designed a specialised high-pressure containment solution for Haskel, which is integrated into their new refuelling station design, the Haskel Geno HRS, and configured to enable cost-effective inspection and recertification with maximum availability through life using Chesterfield's integrity management services.
Unipetrol Group and Bonnett Group will roll out the contract with Bonnett managing the integration of the hydrogen refuelling stations at existing Unipetrol sites throughout the Czech Republic. Haskel will deliver the hydrogen refuelling stations and working alongside Bonnett as they manage the integration.
Pressure Technologies chief executive Chris Walters said: “Our recent successful fundraising was built, in part, on our plans to secure new opportunities in the fast-developing hydrogen energy market and we are delighted that the Chesterfield Special Cylinders team will be supporting Haskel with their new hydrogen refuelling station projects.”
Pressure Technologies shares jumped to highs of 105p following the news. They are currently trading at 99.5p up 13.58%.
