REG - EnergyPathways PLC - Wood selected as Lead Engineering Partner for MESH

EnergypathwaysAnnouncement

09/12/2024 07:00

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RNS Number : 2571P  EnergyPathways PLC  09 December 2024

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
(https://energypathways.uk/link/MP7XKy)

 

 

Enquiries:

 

   EnergyPathways                                        Tel: +44 (0)207 466 5000, c/o            Buchanan   (Financial PR)

  Ben Clube / Ben Hodges

                                                     Email : info@energypathways.uk

 Cairn Financial Advisers LLP (Nominated Adviser)      Tel: +44 (0)20 7213 0880
 Jo Turner / Louise O'Driscoll / Sandy Jamieson
   SP Angel Corporate Finance LLP (Broker)             Tel: +44 (0)20 3470 0470

 Richard Hail / Adam Cowl
 Global Investment Strategy UK Limited (Joint Broker)  Tel: +44 (0)20 7048 9000
 Callum Hill / James Sheehan

 

 

 

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