Corre Energy seeking to raise up to €15m for green projects        

Growth plan boosted by cut in dependence on Russian gas
Corre Energy seeking to raise up to €15m for green projects        

Corre Energy plans to raise between €10m and €15m to acquire more sites for green energy storage.

Corre Energy said it plans to raise between €10m and €15m through a placing of shares to acquire more sites for its storage of green energy.

The company, which launched on the Dublin exchange last year, said the growth plans have been boosted by the strategy unveiled by the European Commission this month to cut Europe's dependence on Russian gas. 

Corre had earlier outlined plans to build on its projects in Denmark and the Netherlands and to start further work on plans for Germany, UK, and the US.

Its plans have been boosted by the urgency for Europe to replace Russian gas after the invasion of Ukraine, the company said in its prospectus.  

"The main aim of this [EU] plan is to improve the EU’s energy security and accelerate the roll-out of renewable energy deployment," it said. 

Under this plan, both permitting for renewable energy projects and energy storage solutions will be accelerated, with electricity storage solutions in particular described as being of 'overriding public interest'.

Corre said it supplies so-called long duration energy storage facilities, including what it refers to as its "green hydrogen hub project in Denmark and its near-term projects in Germany"

Broker Davy is the sole bookrunner in the placing.


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