EnergyPathways (AIM:EPP) shares have rose 26.9% to 9.9p after the North Sea Transition Authority offered a gas storage licence to its MESH project.
The licence covers a substantial offshore area that EnergyPathways says could support the construction of up to 60 large‑scale salt caverns with potential multi‑terawatt‑hour storage, and the MESH scheme is designated by the UK Government as a project of national significance.
The project combines a natural gas storage facility intended to double UK gas storage capacity and deliver c15 million cubic metres per day, compressed air energy storage (CAES) at 300MW/55GWh, transition to hydrogen storage and low‑carbon hydrogen production for dispatchable power and industrial use.
EnergyPathways said it will accelerate development alongside a Tier One partner group including Siemens Energy, Costain, Wood and Zenith Energy, has launched FEED for its CAES facility and has initiated funding and capacity offtake discussions while targeting a Final Investment Decision in 2028 and start‑up by late 2031.
"I am delighted that we have met the NSTA's criteria to offer EnergyPathways this crucial Gas Storage Licence, one of only a handful of energy licence awards in the last two years," Ben Clube, CEO of EnergyPathways.
