Watch stocks you care about
The single, easiest way to keep track of all the stocks that matter...
Your own personalized stock watchlist!
It's a 100% FREE Motley Fool service...
Global engineering and construction firm Foster Wheeler (NASDAQ: FWLT ) announced that it was awarded a five-month contract from the Energy Technologies Institute to collaborate with the British Geological Survey in studying the economics of flexible power generation systems.
The study looks to map suitable hydrogen storage salt cavern sites in and around the U.K. as they need to be of sufficient size, depth, location, and quality to be considered for hydrogen storage.
ETI believes flexible power generation systems could fill gaps in the future energy mix of the U.K., while serving to capture and store carbon dioxide, which would otherwise be released into the atmosphere. Such systems involve the production of hydrogen from coal, biomass, or natural gas; the intermediate storage of hydrogen; and the production of power in flexible turbines.
Foster Wheeler's COO Umberto della Sala says:
Foster Wheeler has been working with ETI for four years and this latest award confirms ETI's confidence in our technical expertise in the field of carbon capture and storage, and our ability to deliver high-quality studies. We are delighted to be contributing to the development of a low-carbon energy future in the UK.
The value of the contract was not disclosed, and will be included in the company's first-quarter 2013 bookings.