9 December
2024
EnergyPathways
plc
("EnergyPathways" or the
"Company")
Wood selected as Lead
Engineering Partner for MESH
EnergyPathways plc (AIM: EPP), an
energy transition company developing low carbon integrated energy
solutions in the UK, is pleased to announce a strategic partnership agreement with Wood Group UK Limited, a
subsidiary of Wood plc ("Wood").
The Company has selected Wood to be
the project lead engineering partner for its large-scale
Marram Energy Storage Hub ("MESH") project in the UK Irish Sea. Wood will complete
concept engineering and pre-Front End
Engineering and Design ("FEED") and the
terms of the agreement enable the companies to progress the MESH
project through the engineering, construction, commissioning and
management phases of the project.
Highlights:
● EnergyPathways
announces a strategic partnership with Wood, a tier one consultancy
and engineering company with leading expertise in energy transition
and clean energy projects
●
Completion of MESH concept and pre-FEED activities
targeted for January 2025
●
Agreement will enable EnergyPathways and Wood to
move into the FEED and Engineering, Procurement, Installation,
Commissioning management ("EPICm") phases of the MESH project if
the parties determine
●
Targeting Final Investment Decision ("FID") for
MESH at the end of 2025
●
EnergyPathways has provided notice for the first
drawdown under its green loan agreement with Global Green Asset
Finance
Wood will collaborate and advise
EnergyPathways' technical team to evaluate and further develop both
the offshore and onshore facilities for the MESH
project.
Under the agreement, Wood has an
exclusive period within which to offer EnergyPathways terms to
progress into FEED, the longer term EPICm and Duty Holdership and
Operatorship of the MESH storage facility once
commissioned.
GGAF Drawdown
Following its agreement with Wood,
EnergyPathways has provided notice for a part drawdown of its loan
agreement with Global Green Asset Finance to fund concept
engineering and pre-FEED for the Wood activities. The amount
drawn down satisfies the minimum drawdown amount of £100,000 under
the GGAF loan agreement and is expected to be paid by the end of
the year.
About MESH
MESH is a new large scale energy
storage facility that is expected to provide a secure and
dependable supply of natural gas and green hydrogen for the UK
market for over 20 years. MESH has been designed as a fully
decarbonised and electrified zero emission facility, to be powered
by the renewable wind farms of the UK Irish Sea region.
EnergyPathways aims to play a leading role in supporting the UK's
energy transition and development of a hydrogen economy.
About Wood
Wood is a global leader in
consulting and engineering, delivering critical solutions across
energy and materials markets. It provides consulting, projects and
operations solutions in 60 countries, employing around 35,000
people worldwide.
Ben
Clube, CEO of EnergyPathways plc said:
"We are very pleased to enter into a strategic agreement with
Wood for it to be our lead engineering partner for the MESH
project. Wood will bring a wealth of energy transition engineering
consultancy capability, coupled with strong project management
skills to help us deliver our integrated energy infrastructure
project. This marks another significant milestone for
EnergyPathways as it continues to build its leading position in the
UK's energy transition and making a meaningful contribution towards
the UK's energy security, net zero objectives and transitioning
British jobs for the future.
Martin Simmonite, Senior Vice President of Operations, UK at
Wood said:
"Wood has a strong track record of designing and delivering
low carbon solutions. We are proud to have been selected by
EnergyPathways to advance MESH and deliver sustainable gas and
green hydrogen to the UK. We will work with our new partner to
deliver this innovative project by applying Wood's full life-cycle
engineering and operations capabilities and, ultimately, contribute
to the UK's net zero progress."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 (which forms part of
domestic UK law pursuant to the European Union
(Withdrawal) Act 2018).
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/link/MP7XKy
Enquiries:
|
EnergyPathways
Ben Clube / Ben Hodges
|
Tel: +44 (0)207 466 5000,
c/o
Buchanan (Financial
PR)
Email :
info@energypathways.uk
|
|
Cairn Financial Advisers LLP (Nominated
Adviser)
Jo Turner / Louise
O'Driscoll / Sandy Jamieson
|
Tel: +44 (0)20 7213 0880
|
|
SP Angel Corporate Finance LLP
(Broker)
Richard Hail / Adam
Cowl
|
Tel: +44 (0)20 3470 0470
|
|
Global Investment Strategy UK Limited (Joint
Broker)
Callum Hill / James
Sheehan
|
Tel: +44 (0)20 7048 9000
|