AIM-listed EnergyPathways, an integrated energy transition company, has announced its unaudited results for the six months ended 30 June 2025.
Period Highlights:
- Marram Energy Storage Hub ('MESH') development design selected following pre-FEED activities in conjunction with strategic partners
- Progress on MESH hybrid compressed-air energy storage project
- Zenith Energy engaged as the well engineering department for EnergyPathways
- Preparation for application to the Marine Management Organisation ('MMO') for compressed air storage licence
- Subscription by existing shareholders and Directors raising £743,692
- Loss for the period £607,201 (30 June 2024: loss £550,159; 31 December 2024: loss £1,203,671). Cash at year end of £695,335 (31 December 2024: £857,650)
Post period-end:
- MOU for strategic engagement with Hazer Group Ltd for use of proprietary hydrogen production technology licensed with KBR Inc).
- Siemens Energy engaged to carry out feasibility assessment of MESH
- Costain Group engaged to assess onshore facility options for the MESH integrated energy system
- Application submitted for direction under Section 35 Planning Act 2008
- Requirement to submit new gas storage licence application
- Placing and subscription with warrants to raise £400,000
Ben Clube, EnergyPathways' CEO, commented:
'We have made strong operational progress on MESH in the year to date, having signed strategic agreements with a number of world class contractors to support EnergyPathways through the FEED phase and move the project towards FID status. We continue to maintain good dialogue with the various silos that comprise the relevant authorities overlooking our planning and licensing and we remain optimistic that we will obtain the requisite approvals to move MESH to the next phase in due course. Our optimism is underpinned by an unwavering belief that the socioeconomic and environmental benefits of MESH are too valuable for the UK to be overlooked.'
Source: EnergyPathways
