Business
Drawdown of £1m Finance and Issue of ATM Shares
EnergyPathways plc has drawn down £1 million from its £15 million Financing Agreement to advance the Front End Engineering Design for its Marram Energy Storage Hub (MESH) project, which aims to develop the world's largest compressed air energy storage facilities in the UK east Irish Sea. This development will proceed independently of a gas storage licence award, with funds also allocated for proposed work commitments related to a pending gas storage licence application. In conjunction with the drawdown, 5,060,917 warrants were issued to the investor, exercisable at 8.3 pence per share. Additionally, 6,939,727 shares were issued at nominal value under an ATM Facility arrangement to provide further working capital, with admission expected around May 6, 2026, bringing the total issued ordinary share capital to 232,097,903. Disclaimer*
About this update from Energypathways Plc
[{"type":"text","content":"\n\n30 April 2026\nEnergyPathways plc\n(\"EnergyPathways\" or the \"Company\")\nFinancing Agreement Drawdown for MESH Project FEED\nIssue of ATM Shares\nEnergyPathways (AIM: EPP), an energy transition company, has, following its announcement of the £15 million Financing Agreement on 28 April 2026, drawn down a first tranche of £1 million (before costs and expenses).\nThe net proceeds of this drawdown will be deployed to accelerate the development of the Company's Marram Energy Storage Hub project (\"MESH\" or the \"MESH Project\"), including progression of what is expected to be world's largest compressed air energy storage (\"CAES\") facilities, to be located here in the UK east Irish Sea, through Front End Engineering Design (FEED).\nThe MESH CAES development pathway is not contingent upon the award of a gas storage licence. The Company will advance the CAES long-duration energy storage project independently while continuing to progress in parallel the gas and hydrogen storage and low-carbon hydrogen production elements of the MESH Project.\nAdditionally, a sum of money has been set aside to fulfil the Company's proposed work commitments set out in its gas storage licence application, for which a decision is pending from the North Sea Transition Authority (NSTA).\nPursuant to the terms of the Financing Agreement, in conjunction with the drawdown, the Company has issued 5,060,917 warrants to the Investor, representing 30% of the value of the drawdown. The warrants are exercisable at a 40% premium to the Reference Price* which for this drawdown is 5.93 pence per Ordinary Share and the warrants are exercisable at 8.3 pence per Ordinary Share.\nIn addition, pursuant to the ATM Facility arrangement announced on 28 April 2026, 6,939,727 shares (\"ATM Shares\") have been issued at their nominal value of 1 pence per share. The ATM Shares will be sold in the market to provide further working capital to the Company.\n \nAdmission and Voting Rights\n \nApplication has been made for the 6,939,727 ATM Shares to be admitted to trading on AIM (\"Admission\"). Admission is expected to become effective and dealings in the ATM Shares are expected to commence on or around 6 May 2026.\n \nUpon Admission, the Company's issued ordinary share capital will consist of 232,097,903 Ordinary Shares with one voting right each. The Company d...