EnergyPathways PLC (AIM:EPP) share price soared on Monday after the UK Secretary of State for Energy Security and Net Zero has designated the firm's flagship MESH project as nationally significant.
The move means the project will now follow the priority development consent route under the Planning Act 2008.
The MESH energy hub is planned for the East Irish Sea and Barrow-in-Furness, Cumbria. It will integrate long-duration energy storage, flexible low-carbon power, hydrogen production, synthetic graphite and ammonia output, as well as large-scale gas storage.
Chief executive Ben Clube described it as "a landmark moment" for the company and the project.
"By granting the MESH project nationally significant status, the Government has recognised its potential to become a cornerstone of the UK's clean energy future," Clube said.
"MESH is designed to tackle some of the biggest challenges facing the UK energy system today - the high cost of wasted wind power, heavy reliance on aging high emission and expensive gas power plants and ensuring reliable and secure energy supply in an uncertain geo-political world.
"With its significant storage capacity, flexible clean power, low-cost hydrogen and supporting new low-carbon industries, MESH can become a catalyst for investment and growth in the UK's economy delivering long-term value not only to EnergyPathways' shareholders, but also to Britain's consumers."
Clube added: "We believe MESH has the potential to become one of the UK's most important energy hubs, a flagship project of global significance with the potential to be replicated both within the UK and internationally."
In London, EnergyPathways shares were up around 3p, 48%, changing hands at 9.41p in Monday morning's trade.