Dublin-listed energy storage company Corre Energy has raised almost €9 million from a share placing to help fund its key projects in the Netherlands and Denmark and pursue other “promising” projects in Europe and North America.
The company said it raised a total of €8.9 million before expenses from the placing of more than two million new shares with new and existing institutional investors and the subscription by other investors of more than 500,000 new shares in the capital of the company, at €3.50 per share.
“It is a great endorsement of the company and recognises the progress made regarding our near-term projects and positions the company well for further growth,” said chief executive Keith McGrane.
The net proceeds of the placing and related investment of up to €4 million by Italian private equity fund Fondo Italiano per L’Efficienza Energetica are earmarked for the continued development of Corre’s Zuidwending project in the Netherlands and the green hydrogen hub in Denmark. The projects are expected to achieve commercial close in 2023.
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The ZW1 project, the first large-scale compressed air energy storage facility to be constructed in Europe in almost 50 years, will allow for up to 220 megawatts (MW) of surplus electricity to be converted into compressed air, stored in underground caverns. ZW1 is capable of supplying up to 320 MW of electricity to the grid for a period of up to 3½ days.
The placing proceeds will also open up the chance for the company to pursue projects in European and North American projects.
Corre raised €12 million in an initial public offering in September 2021 and followed up with a €10.9 million share placing last May.
