EnergyPathways Analysis 2/229 Apr 2026 12:33
Hydrogen/Ammonia: Hydrogen will be produced and stored. This is a harder market to asses as it is an emerging sector. So based on the initial projected feedstock of 20,000 let’s value it when it’s used to create Ammonia as the market is very real.
110,000 tonnes per annum is projected to be made at Marram. The last domestic UK ammonia producer closed in 2023 and as of 2027 there’ll be an import border levy on imports so this will affect chemical and farming Industries the most. Annual revenues for hydrogen to ammonia, based on volatile pricing will average between £55-100m per annum.
Graphite: The high grade synthetic Graphite produced circa 60,000 tonnes per annum is set to be refined (Study with Mitsui Japan) to create nuclear/military grade graphite. This elevates the price dramatically. Company estimates revenues of £500m per annum
What EnergyPathways has is a suite of revenue streams offering diversification through products and industry’s at a time where they’ll be the only domestic producer of graphite and ammonia, they’ll effectively be doubling the UK energy storage capacity at a time of critically low levels and urgent demand. And it requires little or no government funding (however they will get involved almost certainly via GB Energy or National Wealth Fund)
The offering is also diverse enough to be valuable to any government administration from Labour to Reform so it is in effect apolitical. (Is Reform going to turn down homegrown North Sea gas, domestic graphite for defence and Ammonia for Jeremy Clarkson and the farming community?)
The tier one partnerships with Siemens Energy, Wood, Costain and KBR give the project credibility in the eyes of the government, as does the fact the the world’s and UK’s largest CAES facility is going ahead at pace and it makes the project very real.
MESH has also been described as the flagship project for EPP and Siemens and “one of many” projects that will target favourable geology/infrastructure in the North Sea Continental Shelf.
The risk is that the storage license won’t be granted… But that would require the government to decline something they critically need and requires little or no taxpayer subsidy. They’d have to have a damn good reason to decline.
The second argument is that “it’s not operational until 2030, so why bother now”, the counter to that is that at £12m MCAP, when project level funding hits and the GSL is granted and the government and media takes up the story this stops being worth £12m.
The project will no longer be a “retail” focussed stock and with projected yields for investors to be 25% per annum over a 25 year lifespan then pension funds, institutions and family offices take over the register, and they invest for significant and sustained future growth not a quick 10% slice.
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