New funding raised for Islandmagee gas storage project

InfraStrata, the gas storage developer working on a project at Islandmagee in Northern Ireland, has announced it now has working capital to the end of 2018 after competing new fundraising. A share offering through broker SI Capital Limited has raised £925,000.

Most of the cash injection will be used for front end engineering design (FEED) for Islandmagee.

Although some of the funding is conditional on shareholder approval, InfrStrata said key contractors were in place for the FEED and it could now be completed in compliance with the rules of its EU funding grant.

Adrian Pocock, chief executive of InfraStrata, said: “We believe that Islandmagee is a highly significant project particularly as gas storage capacity in the UK is significantly below the levels seen in other major European markets as exacerbated by the recent closure of Centrica’s Rough facility, previously the UK’s largest natural gas storage site.

“InfraStrata now needs to accelerate the commencement of the FEED work and we will be communicating progress on this to the market, with commencement expected to be announced in the near future.  In parallel, we are continuing discussions with potential storage customers, project level financing providers and other third parties.”

Further reading:

Do we need more gas storage?