EnergyPathways PLC (AIM: EPP), the AIM-listed energy transition company, has raised £400,000 via a share placing and director subscription, as it continues to seek additional funding.
Of the total, £310,000 came from a new investor through a placing, while £90,000 was contributed by directors and management through a subscription.
The funds will be used for working capital, with the company confirming ongoing talks with a potential strategic investor for a larger financing deal.
Shares were issued at 4.25p each, resulting in approximately 9.4 million new ordinary shares. Investors in the raise will also receive one warrant per new share, exercisable at 7p within two years of admission.
Chief executive Ben Clube subscribed for 729,411 shares, raising his indirect holding to 11.4 million shares (5.83% of the enlarged share capital). Other participating directors include Graeme Marks, Max Williams, and Horacio Carvalho.
Clube said: “We are pleased to have completed this fundraise to bring in a select new long-term investor. It strengthens our register and reflects the growing recognition of the company’s potential. The funds provide working capital as we progress through pre-FEED on the MESH Project.”
The MESH (Marram Energy Storage Hub) Project is a proposed large-scale offshore energy storage facility located 11 miles off the Lancashire coast. If built, it would store up to 20 TWh of energy—around 7% of the UK’s annual electricity use—via a combination of natural gas, compressed air, and hydrogen technologies.
