EnergyPathways has announced securing a £5.1 million ($6.6 million) loan facility from Global Green Asset Financing Ltd. The Worthing-based low-emissions energy company will use the funds for its Marram Energy Storage Hub (MESH), a large-scale clean energy storage infrastructure project. The loan will support the project’s front-end engineering design phase, with the goal of reaching a final investment decision by the end of 2025.
Shares of EnergyPathways saw a 48% increase, closing at 2.29 pence in London on Thursday afternoon.
Global Green Asset Financing (GGAF), a newly established Luxembourg-based platform focused on financing cleantech and renewable energy projects, has committed a minimum of £2.6 million to the facility. Additional drawdowns from the loan, which will begin in the fourth quarter of 2024, are contingent on GGAF raising further capital and will align with EnergyPathways’ timeline for the MESH project.
Chief Executive Officer Ben Clube said, “To be selected for inclusion in the GGAF investment portfolio validates EnergyPathways as a low-emission energy transition company. The GGAF loan will position EnergyPathways to build on its leading position in the rapidly growing multi-billion pound energy storage sector in the UK. This transaction demonstrates the strong investment appeal of EnergyPathways’ MESH project as a cleantech integrated energy infrastructure solution able to deliver reliable and decarbonised energy supply to the UK and its potential to deliver high yield infrastructure returns to investors over the project’s 20-year life.”