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(Sharecast News) - Shares in energy transition company EnergyPathways surged on Monday after its flagship MESH energy hub was granted nationally significant infrastructure status by the UK government.
EnergyPathways said the designation, confirmed by the Secretary of State for Energy Security and Net Zero, means the project will now progress via the priority development consent route under the Planning Act 2008.
Located in the East Irish Sea and Barrow-in-Furness, Cumbria, the MESH hub is designed to integrate long-duration energy storage, flexible low-carbon power, hydrogen production, synthetic graphite and ammonia output, alongside large-scale gas storage.
Chief executive Ben Clube said: "The Secretary of State's decision is a landmark moment for EnergyPathways and for the UK's energy transition. By granting the MESH project nationally significant status, the Government has recognised its potential to become a cornerstone of the UK's clean energy future.
"Together with our world-class partners, we are now moving forward at pace towards development consent. We believe MESH has the potential to become one of the UK's most important energy hubs, a flagship project of global significance with the potential to be replicated both within the UK and internationally."
As of 1045 BST, Energypathways shares were up 48.81% at 9.45p.
Reporting by Iain Gilbert at Sharecast.com
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