EnergyPathways plc (AIM: EPP), an energy transition company developing low carbon integrated energy solutions
in the UK, is pleased to announce astrategic 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-scaleMarram 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.
