Corre Energy plans to raise up to €15 million from investors

Dublin-listed Corre Energy plans to raise up to €15 million from investors to accelerate its plans for growth.

The energy storage and renewables specialist announced the move after reporting that it lost €6.6 million last year.

Corre raised €12 million when it floated on the Irish Stock Exchange in September 2021.

The company said on Monday that it planned to raise €10 million to €15 million through the issue of new shares.

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Corre hopes to cash in on last week's European Commission announcement of plans to cut dependence on Russian fossil fuels by speeding up the switch to renewable energy.

“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,” said Corre.

Facilities

The Irish company's plans include building facilities in the Netherlands and Germany that will store excess renewable electricity for use when it is needed.

Another major undertaking is a green hydrogen production and storage facility in Denmark that will use wind-generated electricity.

Corre said it would use the cash from its share placing to back its growth strategy.

“More specifically, the funds will be used to accelerate the development of Corre Energy’s current green hydrogen hub project in Denmark and its near-term projects in Germany,” said a statement.

Corre said employee costs of €2.8 million and legal and professional expenses of €4.8 million, offset by €900,000 in grants, led to the loss it reported for last year.

The company had €13.4 million cash on December 31st and received €23 million in funding during the period.

Keith McGrane, Corre’s chief executive, said its financial results were comfortably within plan for a period that was focused on building the company’s capacity.

He noted that climate fears, policy and geopolitics were driving demand for energy storage.

“That supportive policy and market environment underpins our positive outlook and our ambition to accelerate our project development pipeline as also evidenced by our planned equity-raise announced separately this morning,” Mr McGrane added.