UK Oil & Gas PLC (AIM:UKOG) has raised a further £1 million through a direct share subscription, with the funds set to support its UK Energy Storage subsidiary’s hydrogen initiatives.
New shares were issued at 0.03p each, matching the price of the company’s prior fundraisings earlier this month.
Funds are expected to accelerate technical and economic studies for UKOG’s hydrogen generation and storage projects in Dorset and Yorkshire, and support collaboration with National Gas ahead of the government’s Hydrogen Storage Business Model allocation rounds in 2026.
"This successful funding, totalling £4.5 million, now firmly places the company in a strong position to advance its full portfolio of hydrogen storage and generation projects towards timely fruition," said chief executive Stephen Sanderson.
"We can now commence necessary studies to ensure we can deliver on our collaboration with National Gas, a key step that will strengthen our intended applications for government revenue support in the coming year."
In London, UKOG shares were down 6% changing hands at 0.031p.