Energy storage outfit Corre Energy announced plans to raise fresh capital and float on the Irish stock Exchange.
The company, which stores compressed air and green hydrogen in underground caverns at grid scale, was looking to raise €10.0m through a placing of new shares.
It would also pursue a listing on the Euronext Growth Market of Euronext Dublin.
According to the outfit, its technology offered one of the least expensive forms of energy storage thanks to the long life of its assets, unlimited storage cycles and “significantly” low capital costs.
Among the former were exclusive rights to a portfolio of salt caverns for underground energy storage in Europe.
Compressed Air Energy Storage worked by pumping air into the caverns using electricity from renewable sources which could be tapped later on to generate electricity, when energy supply from renewable – but intermittent – sources was weakest and prices highest.
A pilot project located in the Netherlands, which was known as ZW1, had already attained Project of Common Interest status with the European Union.
The company also aimed to sell surplus green hydrogen production to factories.
ZW1 had a generation capacity of 320 megawatt and was expected to come onstream in 2025/26 and generate annual earnings before interest, taxes, depreciation and amortisation of approximately €80m by 2030.
The typical targeted useful life of the project was targeted at 35 years.
The Dutch project was being developed in partnership with M&G Group.
A second 320MW project, DK1, in Denmark, had fully integrated green hydrogen capability and Corre already owned 100% of the CAES plant there.
It was also part owner of the electrolyser plant at DK1 and had a pipeline of EU designated projects stretching across the Netherlands, Germany and Denmark.
