Irish-led Corre Energy said it was well positioned to capitalise on the growing energy storage market as it reported progress on its flagship projects.
In an interim update for the six months ended June 30th, the energy storage and renewables specialist said operating and development phase losses were in line with expectations, reaching €5.8 million for the period.
The company raised almost €11 million in May, contributing to its €15.6 million cash pile. The group also said it had good liquidity and headroom to meet its current business plan priorities.
Corre Energy is providing a grid-scale solution for critical storage of renewable energy, developing a pipeline of long duration energy storage (LDES) projects across northern Europe. Its project in the Netherlands, ZW1, has received several proposals for customer offtake from investment grade entities.
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“Following our successful equity placing in June 2022, Corre Energy is well capitalised to execute our current business plan and we are pleased with the progress of the flagship project in the Netherlands and the Green Hydrogen Hub in Denmark,” said Keith McGrane, group chief executive.
“Given the dynamic and growing nature of the energy storage market we remain focused on delivery of the near-term projects and remain open to new opportunities for growth. Corre Energy is well placed to capitalise on these opportunities as we continue to deliver on our business strategy of developing a network of LDES facilities across Europe and beyond.”
Corre is expanding into new markets, with a growing cavern portfolio in Germany and plans under way to enter the US markets. Recent policy announcements by the EU and US will provide tailwinds for large-scale, long duration electricity storage, the company said.
Corre said the total market size for LDES is set for significant structural growth over the next decade, and could reach 1.5TW to 2.5TW by 2040.
