AIM-listed EnergyPathways, an energy transition company, has announced the publication of its Annual Results for the year ended 31 December 2024 and Notice of Annual General Meeting.
Period Highlights:
- New Labour Government confirms its commitment to ambitious energy transition targets
- Roll out of strategy to develop MESH, to be the UK's largest integrated energy storage facility with total storage capacity of up to 20 TWh. MESH is to encompass gas storage, compressed air storage and hydrogen storage technologies to harness excess wind power to produce flexible dispatchable low carbon electricity at scale.
- Appointment of EnergyPathways engineering project team
- Submitted Marram gas development plan to NSTA based on decarbonised electrified operations powered by renewable energy.
- Submitted a Natural Gas and Hydrogen Storage licence application to NSTA along with request for compressed air storage and gas production licences and growth storage and production licences for Knox and Lowry gas fields to government regulators.
- Awarded strategic lead engineering partnership contract with Wood plc. The Company is engaging with various tier-1 entities to establish a consortium of energy-related companies to develop MESH. These comprise one of the world's largest developers of wind power, a 'Major' integrated oil and gas company, and an international market leader in energy generation and automation
- Signed Memoranda of Understanding with MCS Subsea Solutions Limited, Mermaid Subsea Services (UK) Limited and PDI for the provision of subsea FEED engineering, project support, procurement and offshore construction services
- Completed pre-feasibility engineering for gas storage, hydrogen storage and Long Duration Energy Storage (LDES) compressed air components of the MESH integrated energy storage facility
- Received various expressions of interest for project financing from private capital investors
- Loss for the period £1,203,671 (2023: £1,860,916). Cash at year end of £857,650 (2023: £494,658)
Post period-end:
- MESH development design selected following pre-FEED activities in conjunction with strategic partners
- Progress on MESH Hybrid Compressed Air Energy Storage project
- Zenith Energy Ltd. Engaged as well engineering department for EnergyPathways
- Preparation for application to MMO for compressed air storage licence
- Subscription by existing shareholders and Directors raising £743,692
Notice of AGM
The Company's Annual General Meeting ('AGM') will be held at 10.00 a.m. on 31 July 2025, at the offices of Buchanan, 107 Cheapside, London EC2V 6DN.
To be valid, proxy votes must be received by the Company's registrar, Share Registrars, as soon as possible and in any event no later than 10.00 a.m. on 29 July 2025.
A copy of the Notice of AGM, together with the Annual Report, will be posted to shareholders on 30 June and will be available to view free of charge on the website of the Company at www.energypathways.uk.
Commenting on the results and outlook, CEO Ben Clube said:
'This has been a transformative year for the Company. Having started the year with ambitions to develop the Marram gas field as a small-scale low carbon footprint gas development, the Company has now matured a project of national significance and of major scale that can make a material contribution to the UK government's ambitious energy transition targets.
'This MESH project has significant value potential for our shareholders. When developed, MESH will be the UK's largest energy storage facility with potential to store up to 20 TWh of energy, equivalent to 7% of the UK's annual electricity demand. MESH will provide long duration energy storage (LDES) at scale - a critical missing piece in the UK's electricity system puzzle. MESH will use compressed air storage which to harness the UK's excess wind power which is being wasted and costing consumers billions of pounds per year. MESH will provide a secure supply of gas to bolster the UK's energy security and energy independence. MESH will be able to deliver affordable flexible low carbon power generation over multiple days.
'Investors, policymakers and energy users alike are increasingly recognising the potentially significant value of MESH and its ability to help transition the UK's energy system with low emissions, reliable supply and affordable energy. In the year ahead, the EnergyPathways team is absolutely focused on the Company's mission: delivering affordable, low-carbon, integrated energy solutions to meet the growing demand for clean energy.'
Source: EnergyPathways
