Pressure Technologies seeing momentum in hydrogen market
THE SPECIALIST engineering group Pressure Technologies yesterday revealed that its pipeline of hydrogen opportunities is growing, as it provided a trading update for the City.
The group said that trading continues in line with management expectations and it is in a strong financial position, following the successful £7.5m fundraising completed in December 2020.
Pressure Technologies designs and manufactures high pressure systems serving the global energy, defence and industrial gases market.
Since listing on AIM in 2007, it has grown by acquisition to include specialist precision engineering businesses.
The statement added: “With a strong and increasingly diverse order book, CSC (Chesterfield Special Cylinders) continues to make good progress on major contracts for defence, industrial and nuclear energy customers.
“Momentum has gathered further in the fast-developing hydrogen energy market, with refuelling station contract wins of over £1m secured since December 2020 from new and established customers.”
The pipeline of hydrogen opportunities continues to grow and the visibility of increasing future demand is improving through the development of deeper customer relationships, Pressure Technologies said.
This development is underpinning the company’s outlook for strong and sustainable growth in this sector, the statement said. It added: “Investment in our production capacity and engineering capability to support hydrogen growth, utilising fundraising proceeds, will commence in the second half of this year.
“Whilst Covid-19 travel restrictions have disrupted Integrity Management deployments, several UK and overseas projects were completed in the first half of the year.”
The trading statement continued: “A steady recovery in deployments is expected as travel restrictions are lifted.
“Recruitment and investment in specialist equipment to support continued growth is progressing in line with investment plans.”