UK Oil & Gas PLC, a London-based energy exploration and production company, has announced a fundraising initiative to support its hydrogen storage projects in Dorset and Yorkshire. The company raised GBP1.0 million through a share placing and plans a retail offer for existing shareholders. These funds will be utilized to advance the projects by conducting environmental and engineering studies, applying for UK government support, and securing strategic partners. The company also aims to work with the new Labour government to promote hydrogen storage as part of Britain's renewable energy goals. UK Oil & Gas received support from RWE AG, an electricity utility based in Germany, allowing them to reference RWE as a 'supporting party' in applications for government subsidies. This fundraising effort follows a previous share placing in July that raised GBP500,000 to repay outstanding loan balances. Chief Executive Stephen Sanderson expressed optimism about the opportunities this funding will bring, highlighting the potential for joint venture partnerships and enhanced lobbying efforts. Overall, the sentiment of the article is positive towards hydrogen storage development in the UK.