Ampeak Energy Limited (LON:AMP) has announced its audited final results for the year ended 31 December 2025.
2025 Financial Highlights:
· Revenue increased to £15.0m (2024: £14.4m)
· EBITDA of £3.7m (2024: £7.9m)
· Cash burn of £6.8m (2024: £6.0m)
· Net assets reduced to £6.8m (2024: £17.2m)
· Debt (excluding non‑recourse debt) decreased to £12.7m (2024: £13.7m)
· Net loss improved to £13.9m (2024: £25.1m)
2025 Operational Highlights:
· Achieved financial close for the flagship AW1 240MWh battery storage project.
· Received planning permission for the AW2 1,250MWh battery storage project.
· Received planning permission for the MeyBESS 1,200MWh battery storage project.
· MeyGen generated over 87GWh of predictable tidal energy and work continues to bring an additional 59MW of tidal capacity to financial close.
2025 – a transformational year
The 2025 results mark a truly transformational year for the Company. The financial close and commencement of construction of the AW1 Battery Storage project provide a firm platform for significant growth. With construction nearing completion the AW1 project remains on track for operations in Q1 2027, delivering a significant revenue stream as the Company continues its transition from developer to owner and operator of its assets.
The AW1 project demonstrates the value of our project pipeline and our ability to deliver complex battery storage projects. Our portfolio of consented battery storage projects under construction and development is now 2.9GWh and are now actively exploring securing new projects and entering new markets.
Ampeak’s team, working closely with its project partners and other development organisations, has been actively identifying and progressing new battery storage projects capable of reaching financial close in the near term. A number of these opportunities, over which Ampeak holds exclusivity, will further expand the portfolio and support delivery against the Company’s 2030 target of 2 GWh of battery storage projects in operation, a more than eight times increase over the current AW1 project, and 10 GWh by 2035.
We were delighted to welcome Mr Patrick Hughes as our new 29.6% shareholder, replacing the SIMEC Group. Mr Hughes is the owner of Valencia Waste Management, one of the UK’s largest landfill operators. Mr Hughes is supportive of the Company’s vision for growth, and we continue to discuss opportunities to partner with Mr Hughes and his other businesses.
These achievements reflect the journey we are on, the milestones we have achieved, and, most importantly, where we are heading as a leading developer, owner, and operator of sustainable energy projects.
None of this would be possible without a world-class team, a strong track record of delivery, and the continued support of the Company’s shareholders.
Duncan Black, Chairman of Ampeak, commented:
“I have been privileged to chair the Board through one of the most extraordinary years in the Company’s history. We have progressed from promise to delivery; from planning to construction; from SAE to Ampeak Energy. The pipeline we possess, the relationships we have established, and the team we have built give me great confidence that the years ahead will be at least as momentous as the one just concluded. The Uskmouth Sustainable Energy Park is on track to become one of the largest battery storage sites in the UK, and Ampeak Energy is on its way to establishing itself as a leading Independent Power Producer in sustainable energy.”
Graham Reid, Chief Executive Officer of Ampeak, commented:
“We enter 2026 in the strongest position in our Company’s history. AW1 is under construction. AW2 is consented and development is progressing. The Mey BESS project has full consent and is progressing. Our supply chain partnerships are in place, with Canadian Solar SES committed to supplying batteries for our future pipeline. Our optimisation partnership with EDF provides commercial certainty for AW1 operations. And our name – Ampeak Energy – signals clearly who we are and what we stand for.”
Ampeak Energy has also announced that it has today made available to shareholders the Notice of 2026 Annual General Meeting and the Form of Proxy.
Printed copies of the Notice of AGM and the Form of Proxy are being mailed or made available to shareholders, in line with shareholder communication preferences.
The AGM will be held at 11am on Monday, 13 July 2026 at the offices of Ashurst LLP, London Fruit & Wool Exchange, 1 Duval Square, London, E1 6PW.
Proposed Board appointments
Following the announcement early this year that Patrick Hughes had become Ampeak’s largest shareholder, management have engaged with Patrick Hughes and his team, and the Company is pleased to announce the proposed appointments of two members of Patrick’s senior leadership team to the Ampeak Board as Non-Executive Directors.
It is intended that Scott Martin and Mark Dawber (biographies below) will be joining the Ampeak Board following the conclusion of the Company’s AGM. They bring significant experience in the energy and technology space and will help support the Company as it continues to deliver against its goals.
The proposed appointees have been nominated by SIMEC UK Energy Holding Limited (“SUEH”) under the terms of the Relationship Agreement between the Company and SUEH. SUEH has a 29.6% interest in Ampeak and the ultimate beneficial owner of SUEH is Patrick Hughes.
In addition, David Taaffe, current Ampeak Chief Operating Officer, has also been nominated to join the Board, bringing a wealth of experience and a track record of delivery. It is intended that David will join the Board following conclusion of the AGM.
David Taaffe
David was appointed Chief Operating Officer in June 2022, having previously been responsible for project development and delivery since joining Ampeak in 2011. David holds responsibility for Ampeak’s project portfolio, including the origination, strategic development and project financing of the Company’s significant portfolio of Battery Storage projects. In recent years, David has been instrumental in achieving financial close of the AW1 Battery Storage project and establishing Ampeak’s pipeline of a further 4.3GWh of Battery Storage development projects.
Prior to joining Ampeak, David worked for a number of international consultancies and developers and successfully delivered large scale energy projects in Ireland, UK, and New Zealand. David has a BEng (Hons) in Electrical Engineering from University College Dublin.
Mark Dawber
Mark Dawber is currently Managing Director of Valencia Energy, a privately owned UK renewable energy generation portfolio, where he holds full accountability for the business, all operations, energy trading, and the development of new projects.
Alongside this, Mark is Co-founder and Chief Energy and Infrastructure Officer of Era4, leading Energy Strategy, site development and delivery for sovereign AI infrastructure.
Mark brings deep operational expertise across the UK power sector, with a track record in technology development and deployment, reciprocating gas engine projects, behind the meter generation, PPA origination and energy trading.
Prior to Valencia, Mark spent over a decade at Viridor across operational, engineering and senior leadership roles, including Head of Power Generation for the national landfill gas estate, where he led a step change in availability, compliance and commercial performance across the portfolio.
Mark is a Chartered Fellow of the Chartered Management Institute (CMgr FCMI) and holds an MBA from Cranfield University and a BEng in Mechanical Engineering from the University of Southampton.
Scott Martin
Scott Martin is currently Group CFO of Patrick Hughes’ family office, overseeing Mr Hughes’ interests in companies across a variety of interests, including waste management, power generation, AI infrastructure and real estate.
Prior to this, Scott spent around four years as Finance Director of another family office advising on a portfolio spanning private equity, hedge funds, real estate, public equities and fixed income. He trained with PwC in London within the Asset and Wealth Management practice.
Scott is a Chartered Accountant (ACA) and holds a First Class Honours degree in Accounting and Finance from the University of Strathclyde.
Graham Reid, Ampeak Energy CEO, commented: “On behalf of the Board, I look forward to welcoming Scott and Mark to the Board alongside David. Their depth of expertise and industry knowledge will significantly strengthen the Board as we execute on our strategy and capitalise on the opportunities ahead. We are confident their contributions will support the next phase of our growth.”
