Corre Energy, the global leader in the development of Long Duration Energy Storage solutions for renewable energy is pleased to announce that the Company has raised approximately €8.9 million, before costs, through the placing of new shares.
“On behalf of the whole team at Corre Energy, I am delighted with the success of this raise. It is a great endorsement of our business model and recognises the progress made to-date on our near-term projects and positions us well for further growth. I would like to express my gratitude to our existing investors for their continued support and welcome our new investors to the journey”, says Keith McGrane, Chief Executive Officer at Corre Energy.
While Corre Energy continues to develop and refine its longer-term pipeline, sourcing and progressing opportunities which stretch out well over a decade, the Company is focussed on achieving the tangible milestones it has set out with its near-term projects, particularly key projects located in the Netherlands, Groningen (ZW1) and Denmark (Green Hydrogen Hub).
Global positive governmental background
The transition to renewable energy is a core element of decarbonising societies. This, combined with more recent concerns around energy security, has resulted in a rapidly improving legislative backdrop for the adoption of renewable energy across Europe and North America.
The support for an acceleration in the energy transition has been formalised in EU and US government policy through REPowerEU and the US Inflation Reduction Act. The global commitment to the transition to renewable power generation and the intensification of efforts to improve energy security has presented a prime opportunity for Corre Energy, a sector-leading LDES solution provider.
Demand for LDES
In December 2022, Corre Energy signed binding commercial terms for a 15-year offtake agreement, with extension rights, with Eneco, for the entire storage capacity of the ZW1 Compressed Air Energy Storage project in the Netherlands. This makes clear the importance of this project in the energy system and helps to enable Corre Energy’s strategic vision.
The Company formally launched its North American subsidiary in January 2023. Given the supportive regulatory backdrop for the development of LDES solutions, Corre Energy is currently considering specific opportunities in North America and assessing additional sources of capital in this region to enable developments to advance.
The expansion of Corre Energy’s portfolio, combined with proven market demand, evidenced by the progress of the ZW1 offtake agreement process, means its unique LDES solution is expected to deliver long-term value for all stakeholders.
The net proceeds from the fundraising and the previously announced related investment of up to €4 million by Fondo Italiano per L’Efficienza Energetica (FIEE) are expected to be used to continue the development of the ZW1 project in the Netherlands and the Green Hydrogen Hub in Denmark. It is anticipated that the net proceeds will also be used to give the option to pursue exclusivity on other promising European and North American projects in its pipeline, and for general corporate purposes.
For more information
Corre Energy B.V.
Keith McGrane, CEO
Patrick McClughan, CSO
Iain Balchin, CFO
Tel: +31 50 799 5060
Davy (Placing Agent/Bookrunner, Broker & Euronext Growth Listing Sponsor)
Barry Dixon, Head of Decarbonization Corporate Finance
Tel: +353 1 614 8922