EnergyPathways PLC Joins UK Government in Hydrogen Storage Design Group
Key Ideas
- EnergyPathways PLC collaborates with UK government in hydrogen storage design group to expand Marram Energy Storage Hub.
- UK Department of Energy Security & Net Zero invites EnergyPathways to define new investment support scheme for hydrogen storage projects.
- EnergyPathways plans to expand MESH facility and secure GBP5 million loan for project.
- CEO Ben Clube highlights importance of collaboration between government and industry in achieving net zero and energy security goals.
EnergyPathways PLC, a low-emissions energy company based in Worthing, England, has announced its collaboration with the UK government in a hydrogen storage design group. The UK Department of Energy Security & Net Zero invited EnergyPathways to participate in defining a new investment support scheme for hydrogen storage projects. The collaboration aims to promote the development of hydrogen storage projects, with a focus on expanding the existing Marram Energy Storage Hub (MESH) project.
Shares in EnergyPathways saw a significant increase following the announcement, reflecting investor confidence in the company's involvement in shaping the future of hydrogen storage in the UK. The design group, which includes other leading companies, is set to finalize the new investment support scheme by 2025. This scheme will play a crucial role in facilitating the development of hydrogen storage projects and advancing the country's net zero and energy security objectives.
EnergyPathways plans to propose an expansion of its MESH facility as part of the hydrogen storage allocation round. The company recently secured a GBP5 million loan for the project, signaling its commitment to advancing sustainable energy solutions. CEO Ben Clube emphasized the importance of collaborative efforts between the government and industry to realize the UK's strategic goals for hydrogen storage and transportation.
The partnership between EnergyPathways and the UK government underscores the mutual commitment to driving innovation and sustainability in the energy sector. By actively participating in shaping the regulatory and commercial aspects of the hydrogen storage business model, EnergyPathways aims to leverage its competitive advantages to receive government support and contribute to the country's transition to a greener energy landscape.