Shares in EnergyPathways PLC (AIM:EPP) surged 17% after the government outlined plans to focus investment on technologies used to store renewable energy.
Whether or not this will directly benefit the company remains to be seen. However, the recognition by Whitehall of the need for new methods to stockpile vast and wasted solar and wind power does burnish EP's vision.
Why is this? Well, chief executive Ben Clube and his team are the architects of the Marram Energy Storage Hub, or MESH for short.
Located 11 miles off Lancashire’s coast, the facility would eventually store up to 20 terawatt-hours of energy, roughly 7% of annual UK demand, using repurposed gas fields, compressed air and hydrogen.
Energy Secretary Ed Miliband has flagged that more than £700 million has already been spent this year paying wind farms to shut down when the network can’t cope, costs passed on through household bills.
So, he has tasked GB Energy, which is backed by the taxpayer to the tune of around £4 billion, to invest in energy storage systems.
In afternoon trading, EnergyPathways' stock rose 0.81p to 5.66p.