Shares in EnergyPathways PLC (AIM: EPP) surged 23% to 9.60p after the company announced it is to be awarded a Gas Storage License (GSL) by the North Sea Transition Authority for its flagship MESH project located in the East Irish Sea and onshore in Barrow-in-Furness.
The licence covers a large offshore area capable of supporting up to 60 salt caverns with multi-terawatt-hour-scale storage potential, subject to financing and regulatory approvals.
The MESH Project, already designated nationally significant by the UK government, is planned as Britain’s largest integrated energy storage facility. The development combines natural gas storage, compressed air energy storage (CAES), hydrogen production and low-carbon power generation across offshore infrastructure and onshore facilities in Barrow-in-Furness.
Its gas storage component is intended to double the UK’s current storage capacity and provide up to six days of national energy supply, with rapid-response flow rates of around 15 million cubic metres per day.
Meanwhile, the planned 300 MW / 55 GWh CAES facility would become the UK’s largest long-duration energy storage project, designed to store surplus wind energy over multiple days rather than hours.
EnergyPathways is also targeting hydrogen production capabilities to support emerging industrial projects in the region, including a proposed graphite manufacturing plant.
The company aims to reach Final Investment Decision in 2028, with operations expected by late 2031. Development partners include Siemens Energy, Costain plc, Wood plc and Zenith Energy.
Chief executive Ben Clube said “ I am delighted that we have met the NSTA’s criteria to offer EnergyPathways this crucial Gas Storage Licence, one of only two NSTA energy licence awards in the last two years. “The UK Government recognises MESH and other forms of long-duration energy storage as having a vital role in lowering energy prices, bolstering energy security and achieving a clean energy system.”
