Energy company Corre Energy said it plans to accelerate and expand its current development portfolio of renewable electricity storage projects across Northern Europe.
The move follows an EU announcement that member states should consider electricity storage assets as being in the "overriding public interest" and to "facilitate permitting for their deployment".
Corre said the "REPowerEU" plan published this week marked a material positive shift in the public policy and regulatory environment.
It said the plan will provide increased certainty for markets and a more supportive operating environment for project development, financing and operation of electricity storage solutions.
Corre Energy 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.
The company is set to reach financial close on its first project in the second half of 2023 and is expanding its portfolio of projects across Europe.
It has a pipeline of 11 EU designated projects across northern Europe and its established funding partners.
It is also actively identifying development opportunities in the US and beyond.
Corre Energy has recently signed two important collaboration deals that will speed up the delivery of its existing development portfolio and which will also open up new opportunities in existing and new markets.
It has agreed a 10 year deal with Geostock on the design, development, financing and operation of underground hydrogen-based energy storage projects in Europe and beyond, while it has also agreed a project and technology collaboration deal to facilitate technology sharing with Siemens Energy.
Corre Energy's chief executive Keith McGrane said the REPowerEU plan is a major leap forward for the energy storage sector and for Corre Energy in particular.
"We see REPowerEU as an implicit endorsement of the company's strategy to help future-proof energy systems in the EU," Mr McGrane said.
"As a direct result of REPowerEU announcements this week, we will accelerate and expand our portfolio aimed at having at least eight projects operational by 2030 with four to five more in construction or development so we are optimally positioned to meet rising customer demand," he added.
"Our strategic partnerships with Geostock and Siemens will play a critical role in delivering these ambitious targets," he added.
