Financing Agreement Drawdown for MESH Project

EnergyPathways PLC

02 June 2026

 

2 June 2026

EnergyPathways plc

("EnergyPathways" or the "Company")

Financing Agreement Drawdown for MESH project

EnergyPathways (AIM: EPP), an energy transition company, has, following its announcement of the £15 million Financing Agreement on 28 April 2026, drawn down a second tranche of £1 million (before costs and expenses).

Following the award of a gas storage licence by the North Sea Transition Authority (NSTA), the net proceeds of this drawdown will be deployed to facilitate the next phases of the work commitments agreed with the NSTA for the company's Marram Energy Storage Hub project ("MESH" or the "MESH Project").

Pursuant to the terms of the Financing Agreement, in conjunction with the drawdown, the Company has issued 3,431,073 warrants to the Investor, representing 30% of the value of the drawdown. The warrants are exercisable at 12.24 pence per Ordinary Share.

Defined terms in this announcement are the same as those in the announcement of the Financing Agreement on 28 April 2026.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain. The Directors of the Company are responsible for this announcement.

Enquiries

EnergyPathways Ben Clube / Max Williams	Tel: [phone], c/o Burson Buchanan (Financial PR) Email : [e-mail]
Cairn Financial Advisers LLP (Nominated Adviser) Jo Turner / Louise O'Driscoll / Sandy Jamieson	Tel: [phone]
SP Angel Corporate Finance LLP (Broker) Richard Hail / Adam Cowl	Tel: [phone]

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For further information on EnergyPathways visit www.energypathways.uk and @energy_pathways on X.

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company's or any third party's ability to execute and implement future plans, and the occurrence of unexpected events.

Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

About MESH

MESH will be a new, large scale, energy storage and decarbonisation facility that is expected to provide a secure and dependable supply of affordable low-carbon energy for the UK market for over 25 years.

The MESH integrated energy system solution comprises large-scale Long Duration Energy Storage ("LDES"), flexible low-carbon power capacity and low-carbon hydrogen and graphite production with the potential to branch into low-carbon ammonia production. MESH will connect its LDES integrated storage system using existing infrastructure to the UK grid and nearby offshore wind capacity to help harness value from some of the billions of pounds of the UK's wasted wind power.

The MESH system is designed to capture and store curtailed offshore wind power in offshore salt caverns as compressed air. The MESH energy storage system combines associated large-scale hydrogen, thermal and natural gas storage capacity in geo-storage features (the salt caverns). During periods of low renewable energy availability, the LDES stored energy resources will be utilised to generate low-carbon flexible power for the UK's grid via compressed air expansion, thermal energy and hydrogen-compatible gas turbine systems to generate electricity.

The MESH facility will also produce affordable low-carbon hydrogen using methane pyrolysis technology for which EnergyPathways has exclusive rights of use within the UK. The hydrogen can be used to further decarbonise the MESH flexible power generation system using its hydrogen-compatible gas turbine system. The by-product of the MESH hydrogen production facility is a high-grade form of synthetic graphite. 

In addition to supplying dispatchable low-carbon electricity to the grid, MESH-produced hydrogen can support the UK's emerging Project Union hydrogen network, contributing to broader emissions reductions across the energy system.

The MESH project is targeted to be operational by 2030, subject to government approvals and financing, in order to contribute to the Government's 2030 Clean Power ambitions. EnergyPathways aims to play its role in supporting the Government in accelerating the UK's energy transition.

Investor Engagement with EnergyPathways

Engage with us by asking questions, watching video summaries and seeing what other shareholders have to say. Navigate to our Interactive Investor website here: https://energypathways.uk/

 

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