EnergyPathways PLC (AIM:EPP) shares jumped 36% in Monday morning’s trade after the firm announced its participation in the UK Government’s Hydrogen Storage Business Model (HSBM) Design Group.
The HSBM, organised by the Department of Energy Security and Net Zero (DESNZ), aims to define an investment support scheme aimed at promoting hydrogen storage projects.
The first Hydrogen Storage Allocation Round is expected to launch in 2025, and EnergyPathways plans to apply to its large-scale MESH project.
MESH is intended to focus on natural gas and green hydrogen storage.
"We are very pleased to have been invited to participate in the DESNZ Hydrogen Storage Business Model Design Group - an honour, given the select group involved including Tier-One companies,” chief executive Ben Clube said in a statement.
"Through its involvement in the group, EnergyPathways will have an opportunity to contribute to the shape of the final commercial and regulatory design of the Hydrogen Storage Business Model that will be used in the First Hydrogen Storage Allocation Round to be launched in 2025.”
In London, EnergyPathways shares gained 24% on Monday to change hands at 4.3p each.
In morning trading, the shares were up 1.25p at 4.7p.