EnergyPathways Joins UK Hydrogen Storage Business Model Design Group
Key Ideas
  • EnergyPathways surged after being invited to join the DESNZ Hydrogen Storage Business Model Design Group.
  • The company plans to submit an application for its MESH natural gas and green hydrogen storage project.
  • The focus of government support in the first Hydrogen Storage Allocation Round will be on scalable geological storage for green hydrogen.
  • EnergyPathways' CEO highlighted the company's alignment with UK government objectives and competitive advantages for receiving support under HSBM.
AIM-listed EnergyPathways experienced a significant surge in its shares following an invitation from the Department of Energy Security and Net Zero (DESNZ) to participate in the Hydrogen Storage Business Model (HSBM) Design Group. The HSBM, once finalized, aims to define DESNZ's investment support scheme for hydrogen storage projects. EnergyPathways expects to take part in the first DESNZ Hydrogen Storage Allocation Round next year with its MESH natural gas and green hydrogen storage project application. The government's initial focus is on scalable geological storage for green hydrogen. CEO Ben Clube expressed delight at the company's invitation to contribute to shaping the HSBM, emphasizing the collaborative effort needed between government and industry for the UK's Net Zero and energy security goals. EnergyPathways believes its MESH project aligns well with UK government strategies and possesses competitive advantages deserving government support. This positive news resulted in the company's shares rising by 30%.
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