EnergyPathways PLC (AIM:EPP) said it has drawn down a further £1 million under its £15 million financing agreement, giving the company fresh funds for its Marram Energy Storage Hub project after securing a gas storage licence.
The AIM-listed energy transition company said the net proceeds will support the next phases of work commitments agreed with the North Sea Transition Authority for MESH.
As part of the drawdown, EnergyPathways issued 3,.4 million warrants to the investor, representing 30% of the value of the tranche. The warrants are exercisable at 12.24p per ordinary share.
MESH is planned as a large-scale energy storage and decarbonisation facility, combining long-duration energy storage, flexible low-carbon power capacity, hydrogen and graphite production, with potential future low-carbon ammonia production.
The project is targeted to be operational by 2030, subject to government approvals and financing, as EnergyPathways aims to support the UK’s clean power ambitions.
Year-to-date, the shares have risen 86%, driven by its progress over recent months.