Energy company Corre Energy said it plans to raise €10m by placing new ordinary shares and seek admission of all of its shares to trading on the Euronext Growth market of Euronext Dublin.
The company, which is headquarted in The Netherlands, concentrates on the development, construction and future operation of grid-scale underground renewable energy storage facilities, as well as the production and sale of green hydrogen.
Corre Energy has exclusive rights to a portfolio of salt caverns for underground energy storage in Europe and is working with project partners in the Netherlands and Denmark.
Corre, which is currently in development phase, will use renewable electricity to store compressed air in underground salt caverns, which can then be combined with green hydrogen stored in co-located caverns to fuel the generation of electricity.
When renewable electricity supply is high resulting in low prices, Corre Energy will compress air into storage caverns and conversely when renewable electricity supplies are low and prices are high, Corre Energy will generate green electricity.
It also plans to generate revenue from the sale of electricity market balancing services and will sell surplus green hydrogen production to industry.
Keith McGrane, CEO of Corre Energy, said the company'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.
"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," Mr McGrane said.
"We are delighted to be seeking a listing on Euronext Dublin, providing investors the opportunity to participate in this exciting development," he added.
