Energy company Corre Energy has started trading on the Euronext Growth market in Dublin today.
Corre Energy is expected to raise gross proceeds of €12m from the placing of over 12 million shares.
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.
It said it intends to use the proceeds from today's placing, as well as previously disclosed investment by Fondo Italiano per l'Efficienza Energetica, to continue its developments and to accelerate the development of an existing project pipeline of 11 EU designated projects across the Netherlands, Germany and Denmark.
The funds will also be used for general corporate purposes.
Keith McGrane, CEO of Corre Energy, said the company was pleased to be joining Euronext Growth.
He said the move marked an important milestone in its journey to decarbonise the electricity system through the development of grid-scale storage of renewable energy and the production and sale of green hydrogen.
"Our initial raise of over €12m was heavily over-subscribed and we are delighted to welcome our new institutional shareholders to our share register," Mr McGrane said.
"The placement proceeds, alongside our public listing, committed project partners and access to a range of other funding sources, leaves Corre Energy well positioned as a first mover in a technology solution that we believe will be a game changer for environmentally and economically sustainable green energy," the CEO added.
J&E Davy acted as sole bookrunner, broker and Euronext Growth Advisor in connection with today's placing.
Corre 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.