EnergyPathways Shares Surge: MESH Project Gains National Significance

EnergyPathways' (LON: EPP) share price surge continued on Monday after the company announced a significant boost, as the UK's Secretary of State for Energy Security and Net Zero has formally recognized its MESH (Marram Energy Storage and Decarbonisation Hub) project as a development of national significance.

The stock skyrocketed by over 170% on Friday. It is up a further 56% so far on Monday.

This designation accelerates the project's development authorization process under the Planning Act 2008, reserved for nationally crucial projects.

The MESH project, located in the East Irish Sea and Barrow-in-Furness, Cumbria, aims to become a cornerstone of the UK's clean energy infrastructure. It directly supports government targets for Clean Power 2030, Net Zero emissions, and industrial growth.

The project encompasses long-duration energy storage (LDES), flexible low-carbon power capacity, low-carbon hydrogen production, next-generation British industries, and large-scale gas storage.

The core components of MESH include a scalable LDES system integrating compressed air, thermal, and hydrogen geo-storage. It aims to capture and monetize the billions lost annually from wasted UK wind power. Additionally, MESH will provide multi-day, low-cost backup power to stabilize the UK's grid, reducing reliance on aging and costly high-emission gas power plants.

MESH's low-carbon hydrogen production system is said to promise hydrogen at a fraction of the cost of electrolytic methods, without waste carbon dioxide.

The company explained that this could decarbonize Britain's gas supply and unlock currently overlooked North Sea gas reserves. The project also includes the production of high-purity synthetic graphite, a critical mineral for batteries, and low-carbon ammonia, reducing the UK's dependence on costly, high-emission imports. The gas storage element is projected to equal Centrica's Rough facility in size, but at a lower cost.

EnergyPathways is collaborating with industry leaders like Siemens Energy, Wood plc, Costain plc, KBR Inc, and Hazer Group to advance MESH. The “nationally significant” status allows EnergyPathways to progress towards a Development Consent Order, solidifying MESH as a vital UK energy hub.

Ben Clube, EnergyPathways' CEO, stated, “The Secretary of State's decision is a landmark moment for EnergyPathways and for the UK's energy transition…MESH is designed to tackle some of the biggest challenges facing the UK energy system today.”