EnergyPathways PLC (AIM:EPP) has submitted a gas storage licence application to the North Sea Transition Authority (NSTA) for its Marram Gas Field in the UK Irish Sea.
The licence is for the development of the MESH Energy Storage Hub, which is expected to bolster the UK’s energy security.
The MESH facility is designed to provide long-term storage of natural gas and green hydrogen, with an estimated capacity of approximately 50 billion cubic feet of gas. This is estimated to be sufficient to heat 2.2 million average UK homes.
The facility, located 11 miles off the Lancashire coast, will be a zero-emission project potentially using excess wind power to produce green hydrogen.
EnergyPathways noted that it has received letters of support from several major engineering and energy companies interested in participating in the MESH development.
It plans to integrate the licence into its broader Marram Project development plan, with further negotiations and updates expected in the coming months.
“With the UK having some of the lowest levels of gas storage of the world's major economies, and it becoming increasingly dependent on LNG imports, we believe an expansion of the UK's gas storage capacity will be vital for a dependable and secure energy supply,” chief executive Ben Clube said in a statement.
“In the event of being successful with this licence application, we will integrate it into our Marram Project development plan ahead of FID. We look forward to updating the market in due course."