Corre Energy has signed a 10-year collaboration agreement with Geostock, a global leader in underground energy storage techniques. This strategic collaboration offers potential to combine Corre Energy’s market leading project development, financing, commercialisation and operating expertise with Geostock’s more than half century of expertise in leading-edge underground storage solutions. The ultimate aim is to deliver more long duration energy storage (LDES) projects, faster and more efficiently.
Highlights:
- Matches end-to-end complementary project delivery skills:
- Corre Energy – project development, financing, commercialisation and operation as well as generating complementary income streams through storage services and storage products
- Geostock - design of leading-edge underground storage solutions
- Presents opportunities for end-to-end project collaboration and delivery of long duration energy storage solutions on a global basis
- Scope to accelerate Corre Energy’s 11 planned projects in Europe and Geostock’s 20+ projects in the US, Canada, Asia and Europe
- Increases ambition to deliver more projects more quickly in light of the increasingly supportive policy environment, including REPowerEU which aims “to develop infrastructure, storage facilities and ports and replace demand for Russian gas with additional 10mt of imported renewable hydrogen”
Commenting, Keith McGrane, Chief Executive of Corre Energy, said: “We are delighted to announce we have entered into a 10-year collaboration agreement, to join forces as appropriate, to accelerate the development of large-scale storage of renewable energy through underground compressed air complemented by green hydrogen. We believe this is critical to reducing the EU’s reliance on energy imports, to enhancing its energy security and to delivering on its global climate change obligations. By driving innovation in cavern design and operation, we can greatly facilitate the implementation of long duration renewable energy storage solutions without which energy decarbonisation targets simply cannot be met. In addition, given Geostock’s global footprint we see considerable scope to collaborate on a global basis on our respective and prospective projects.”
Commenting, Pascal Baylocq of Geostock, CEO: “Geostock has more than 50 years’ experience in designing and operating hydrocarbon underground storages all around the world. As part of the energy-transition we have been adapting our quite unique experience to low-carbon energy storage and we see significant potential to work with Corre Energy on developing underground solutions including green hydrogen and compressed air energy storage.”
About the Parties:
Corre Energy which secured a public listing on Euronext Growth Dublin in September 2021, is at the forefront of renewable energy storage using underground salt caverns in the form of Compressed Air Energy Storage (CAES) and green hydrogen production and storage, which can provide one of the cheapest forms of renewable energy storage using proven technology. It has obtained exclusive rights to a portfolio of energy storage projects across The Netherlands, Denmark and Germany.
Each of its projects are capable of delivering 320 MW of green power and grid balancing continuously for up to 100 hours per project, equivalent to 1.7 TWh per year. These projects require investment of approximately €500 million per project and enhance security and flexibility at scale, enabling the accelerated build out of renewables under Europe’s RePowerEU programme.
Geostock, which is owned by Entrepose Group (Vinci Group) and TotalEnergies is a specialist in the storage of liquid, liquefied and gaseous hydrocarbons, CO2, effluents, and other products and is now focussed on applying those techniques to support energy transition solutions across a global footprint in the United States, Canada, Europe and Asia.
