Corre Energy to raise €10m through IPO on Euronext Dublin

Company uses renewable electricity to store compressed air in underground salt caverns

Corre intends to sell new shares priced at €0.045 each. Photograph: Getty

Corre intends to sell new shares priced at €0.045 each. Photograph: Getty

 

Dutch company Corre Energy has announced plans to raise €10 million through an initial public offering (IPO) on Euronext Dublin.

Established in 2018, the renewable energy company is focused on the development, construction and future operation of grid-scale underground storage facilities, as well as the production and sale of green hydrogen.

Through the planned flotation, Corre intends to sell new shares to institutional, qualified and a limited number of retail investors in Ireland and Britain.

Corre Energy, which is currently in development phase, will use renewable electricity to store compressed air in underground salt caverns, which can subsequently be combined with green hydrogen stored in co-located caverns to fuel the generation of electricity.

Corre Energy recently secured equity-linked funding of up to €20 million from a European Investment Bank-backed Italian infrastructure fund, of which €3 million has already been received.

The company’s development pipeline of 11 green hydrogen storage projects includes the Zuidwending project in the Netherlands, which will have a generation capacity of 320 megawatts, and Green Hydrogen Hub in Denmark, also a 320MW facility.

“Corre Energy’s activities will enable it to be a critical enabler in the decarbonisation of power generation by facilitating industry-scale storage of renewable energy alongside the production and sale of green hydrogen,” said chief executive Keith McGrane.

“Two of the group’s large-scale projects are at an advanced stage of development and we have an attractive pipeline of EU-designated projects across northern Europe that will provide long-duration energy-balancing solutions and increased use of renewables,” he added.

Davy is operating as sole bookrunner, broker and growth adviser to Corre.