24th Feb 2025 10:47
(Alliance News) - Shares in EnergyPathways PLC surged by more than 40% on Monday after the company reported multiple positive developments with its energy storage project, as it looks to help accelerate the UK's energy transition.
EnergyPathways is a Worthing, England-based low-emissions energy company. It said it has signed a non-binding memorandum of understanding with a clean energy fund, which it didn't name, for a cornerstone equity financing, with this priced at multiples to its existing share price, "effectively minimising shareholder dilution".
Shares in the AIM listing were up 41% to 7.91 pence on Monday morning in London.
This funding complements its global green asset financing loan facility, EnergyPathways said, and supports the capital requirements for growth plans in gas storage, hydrogen and power generation of the MESH project.
The Marram energy storage hub is a new large-scale energy storage facility off the Lancashire coast in England. It is expected to provide a secure and dependable supply of natural gas and green hydrogen to the UK market for over 20 years, according the company.
EnergyPathways also said it is in discussions with a FTSE 100 company, which it didn't name, regarding an agreement for MESH long-term gas storage capacity and gas sales off-take, as well as for potential project debt financing. Chief Executive Ben Clube said this progress was "very encouraging".
EnergyPathways noted that an opportunity emerged to request a new straight-to-development petroleum licence for the MESH project, that both aligns with the project and supports the accelerated energy transition.
Clube said: "EnergyPathways looks forward to advancing the MESH project with an award of the gas storage licence. MESH can make a major contribution to accelerating the UK energy transition and meeting the Government's 2030 clean energy targets."
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