Shares in Quantum Data Energy PLC (LSE:MAST) fell 12% to 20.36p after the company, known as Mast Energy Developments until earlier this week, released photos showing early construction progress at its 7.5-megawatt Hindlip flexible generation project in Worcestershire.
The site, developed in partnership with Powertee, has now broken ground and remains on track to begin commercial operations in the second quarter of 2026.
Civil works are underway, the company said, with foundations for key infrastructure such as engines, transformers and control rooms due to be finished by early December.
Quantum also reported “substantial progress” in its planned acquisition of a separate 7-megawatt brownfield generation site, where legal and technical work is nearing completion.
Head of operations Ivan Wentzel said: “The Hindlip project’s progress into the civil construction phase represents another important step toward our COD target in Q2 2026.”
The stock has been highly volatile this year: rising from around 7p in January to nearly 50p by June, peaking above 200p in September, then sliding back to 50p in October before trading above 30p in the run-up to this announcement.