Corre Energy BV, a Netherlands-based company focused on underground energy storage, plans a EUR-10-million (USD 11.9m) fundraise and a listing on Euronext Dublin.
The company said today it intends to raise EUR 10 million by placing new shares to institutional and other investors and to float on the Euronext Growth market of Euronext Dublin.
Corre Energy wants to use renewable electricity to store compressed air in underground salt caverns, with complementary production and sale of green hydrogen. Its pilot 320-MW ZW1 project in the Netherlands is expected to go live in 2025/26.
It said it will use the funds to help progress ZW1 to financial close, to continue the development of its second project, DK1 in Denmark, to commercial close and to speed up its existing pipeline of 11 projects across the Netherlands, Germany and Denmark.
“Two of the Group's large scale projects are at an advanced stage of development and we have an attractive pipeline of EU designated projects across Northern Europe that will provide long duration energy balancing solutions and increased use of renewables,” explained chief executive Keith McGrane.
Corre Energy recently secured an investment of up to EUR 20 million from Italian Energy Efficiency Fund II, which is managed by Fondo Italiano per I’Efficienza Energetica SGR S.P.A (FIEE) and backed by the European Investment Bank.
(EUR 1 = USD 1.187)
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