IGas Shares Rise on Deal With SSE to Develop Geothermal Plant in England
September 20 2021 - 4:00AM
Dow Jones News
By Jaime Llinares Taboada
Shares in IGas Energy PLC rose Monday in early trading after it
announced a deal with SSE PLC to develop a geothermal district
heating project in Stoke-on-Trent, England.
The oil-and-gas company said the memorandum of understanding
grants exclusivity to both partners for a period of 12 months, with
milestones including an offtake agreement for the geothermal
plant.
"Deep geothermal has the potential to become a world leading
industry here in the U.K., provide a stable transition away from
oil and gas, and help meet the government's net zero ambitions by
decarbonizing heat on a mass scale," Chief Executive Stephen Bowler
said.
Shares at 0723 GMT were up 16% at 22 pence.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
September 20, 2021 03:45 ET (07:45 GMT)
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