Corre Energy, one of Europe’s leading Long Duration Energy Storage (LDES) companies is to accelerate and expand its current development portfolio of renewable electricity storage projects across Northern Europe. The move follows an EU announcement that Member States consider electricity storage assets as being in the ‘overriding public interest’ and to ‘facilitate permitting for their deployment’.

REPowerEU:

The final REPowerEU plan published this week marks a material positive shift in the public policy and regulatory environment, providing increased certainty for markets and a more supportive operating environment for project development, financing and operation of electricity storage solutions.

At a time when the policy environment has never been more supportive, demand for renewable energy storage in Europe, and globally, is accelerating at pace as economies, corporates and consumers strive to fulfil climate, energy self-sufficiency and ESG objectives, presenting multiple potential revenue streams.

The Company is on track to reach financial close on its first project in H2 of 2023 and is expanding its portfolio of projects across Europe, whilst actively identifying development opportunities in the United States and beyond. Corre Energy’s decision to accelerate and extend its project development portfolio reflects its first mover advantage, underpinned by an experienced management team, its pipeline of 11 EU designated projects across northern Europe and its established funding partners.  As outlined in its Market Update, Corre Energy is well progressed in securing an offtake agreement on its flagship project in the Netherlands, where proposals for 10-15 year contracts have been received from a range of investment-grade partners.

Collaboration Agreements:

Corre Energy has recently signed two important collaboration agreements that will expedite delivery of its existing development portfolio whilst opening up new opportunities in existing and new markets. These include:

Geostock: Signed a 10-year collaboration agreement to facilitate and expedite end-to-end design, development, financing and operation of underground hydrogen-based energy storage projects in Europe and beyond

Siemens Energy: Project and technology collaboration MOU signed to facilitate technology sharing. The collaboration, which will also feature a strong joint advocacy approach will demonstrate the value and benefits of LDES in the form of underground compressed air storage to a much wider stakeholder audience.

Commenting, Corre Energy Chief Executive Keith McGrane said,

“The REPowerEU plan is a major leap forward for the energy storage sector and for Corre Energy in particular, given the EU’s overt recognition of the importance of electricity storage and that Member States should consider electricity storage assets as being ‘in the overriding public interest and facilitate permitting for their deployment’. We see REPowerEU as an implicit endorsement of the Company’s strategy to help future-proof energy systems in the EU.

“As a direct result of REPowerEU announcements this week, we will accelerate and expand our portfolio aimed at having at least 8 projects operational by 2030 with 4 to 5 more in construction or development so we are optimally positioned to meet rising customer demand.  Our strategic partnerships with Geostock and Siemens will play a critical role in delivering these ambitious targets.”

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