Shares of EnergyPathways PLC (AIM:EPP) jumped 16% in early trading after the company announced a £5.1 million loan facility for its Marram Energy Storage Hub (MESH) project.
The debt, provided by Global Green Asset Financing (GGAF), will support the development of the large-scale clean energy storage facility through its front-end engineering and design phase, with a goal of reaching a final investment decision by the end of 2025.
Under the terms of the deal, EnergyPathways will have access to up to £5.1 million, with a minimum commitment of £2.55 million from GGAF.
The funding will be phased in line with the project’s development, focused on creating a fully decarbonized energy storage system using natural gas and green hydrogen.
The shares rose 0.25p to 1.8p.