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LONDON - EnergyPathways plc (AIM:EPP) has conditionally raised approximately £1.24 million through a placing and subscription to fund pre-development activities for its MESH project, according to a press release statement issued Monday.
The energy transition company raised the funds by issuing 20.6 million new ordinary shares at 6 pence per share, representing a 1.3% discount to the closing mid-price on October 10. The fundraise comprises a £594,000 placing and a £644,000 subscription primarily from existing long-term shareholders.
Investors will receive one warrant for each share with an exercise price of 9 pence, expiring two years after admission to trading. The warrants include an accelerator clause requiring exercise if share prices exceed 12 pence over a specified period.
The UK government recently designated the MESH project as a development of national significance requiring consent under the Planning Act 2008. The funds will support technical and commercial studies for long duration energy storage, low carbon hydrogen production, graphite production, and gas storage components of the project.
In connection with the fundraise, EnergyPathways will issue 636,000 new ordinary shares as commission for assistance with the placing arrangements. The transaction is conditional on the shares being admitted to trading on AIM, expected around October 27.
Following admission, the company will have approximately 221 million ordinary shares in issue. The fundraise provides capital while EnergyPathways advances discussions regarding long-term cornerstone financing for the MESH project.
The company stated the project aims to address issues including unused wind power and provide affordable low-carbon hydrogen production at scale.
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