Investegate's Across the Markets, 24th February 2025
The AIM listed energy transition company which is positioning itself to take a key role in the UK’s hydrogen storage plans, issued an update this morning which was broadly welcomed by the market. This included a number of points with one highlight being the fact that cornerstone equity financing has progressed to the Memorandum of Understanding stage and that critical gas storage license determinations are now imminent. That’s been sufficient to lift the Energy pathways share price more than 50% in early trade.
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Shares in the discount retailer slipped as the new trading week got underway, following news that the CEO intended to resign in a couple of months, whilst full year earnings expectations were also trimmed. That was seen as being in response to broader macroeconomic conditions which have been well reported, but the full year EBITDA print is now expected to come in between ￡605m and ￡625m, down from the previously stated ￡620m-￡650m. The B&M share price was down more than 8% in the first hour of trade.
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Not much of a share price reaction here but an interesting story all the same with news this morning that the company has disposed of its US renewables arm. Important to note this wasn’t a rushed move and the plan had been made public last May. Private equity play Brookfield have picked up the division in a deal worth ￡1.4 billion, with National Grid Renewables?developing, constructing, owning, and operating utility-scale, solar, onshore wind and battery storage assets in the United States of America. The National Grid share price was up 1% at 9am in a broadly flat market.
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