Shares in EnergyPathways PLC (AIM:EPP) soared as much as 53% in afternoon trading on Monday after the company revealed Siemens Energy will lead a feasibility study for its flagship MESH energy storage project.
The MESH project aims to combine offshore hydrogen, compressed air, and gas storage, delivering low- or zero-carbon electricity to the UK grid and enhancing the country’s energy flexibility.
Siemens will use its expertise in integrated energy systems to assess the best technical, financial, and commercial strategies for the development.
The project is designed to store excess offshore wind power as compressed air or hydrogen and utilise natural gas reserves, helping balance supply when renewables fall short.
MESH is targeting up to 20 terawatt-hours of storage capacity and is set to play a key role in the UK’s clean energy transition. EnergyPathways is also working with Wood Group, Hazer, and KBR on the initiative.
After the initial burst, EnergyPathways shares settled 44% higher at 5.4p.