Corre Energy’s chief executive Keith McGrane has resigned from the troubled company with immediate effect, with chief strategy officer Patrick McClughan assuming the role on an interim basis.
The renewable energy storage developer said Mr McGrane was stepping down to pursue other personal interests. He has served as chief executive since the company floated in Dublin in 2021.
The company said the search to find a permanent successor for the role has started.
It is the latest challenge for Corre, which has seen its share price slide this year amid concerns over funding, board exits and revelations about loans to its founding shareholder, Corre Energy Group Holdings, that had been secured against shares in the listed company.
The company’s founding director Darren Patrick-Green exited in February after being linked by UK revenue officials to a tax avoidance scheme, which he has insisted he was unaware of. It has also secured a €5 million emergency loan in recent weeks, and is currently seeking a strategic investor.
Meanwhile, permit challenges have pushed back an investment decision on the ZW1 project in the Netherlands to after 2027. The company has also encountered challenges with its 320MW Green Hydrogen Hub development in Denmark, and has had issues sourcing enough cavern space.
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