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Business & Economy

Banks Group works with NOF to boost local supply chain for £3.5 million Teesside energy project

A family-owned developer has joined forces with a business support organisation to boost work on a planned £3.5 million project.

The Banks Group has called on NOF to help enhance its regional supply chain for the proposed Teeeside-based Flexible Energy Park.

Bosses say the park, in Stockton – which was first revealed last year – will include a natural gas/hydrogen ‘peaker plant’ and an electricity storage battery.

‘Peaker plants’ help balance the national grid, ensuring it can handle more intermittent energy generation from renewable sources.

If the project receives planning permission, Banks Group – headquartered in Meadowfield, on the outskirts of Durham City – says it will create opportunities for local suppliers and contractors across areas including building and civil works, and plant and cabin hire, and is now working with energy sector business development organisation NOF to lay the foundations for such to happen.

Durham-based NOF has a portfolio of 26 partners, made up of operators, developers and tier one contractors, and officials say it will work with Banks Group to share knowledge between its members about the Stockton project.

Mark Rowcroft, Banks Group’s energy development manager, said: “Working in partnership with NOF is the ideal way to tap into the local expertise and innovation that exists in the North East’s energy sector supply chain.

“NOF’s understanding of our supply chain objectives will help us utilise local skills and experience for our Flexible Energy Park and support sustainable employment in the region.”

Joanne Leng, NOF deputy chief executive, added: “We’re really pleased to welcome Banks Group as our latest strategic partner.

“Our membership contains some highly experienced companies that will be able to support the development and operation of the energy park, which will be a key component of the journey to a low carbon economy.

“Battery storage is integral to ensuring a balanced supply of renewable electricity and this plant will also, in due course, benefit from Teesside’s green hydrogen generation, which will make it an even more sustainable facility.”