Energy company Corre Energy has reported operating/development phase losses of €5.8m for the six months to the end of June - in line with expectations.
The company said it has €15.6m in cash after its successful €10.9m equity raise in May of this year, adding that it has good liquidity and headroom to meet its current business plan priorities.
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.
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.
The company said it has the largest pipeline of Long Duration Energy Storage (LDES) projects in Europe at a time when the market for these projects continues to accelerate due to the growing urgency for both energy security and renewable power.
It said the latest EU policy in response to the current energy crisis highlighted electricity storage as a critical part of energy systems infrastructure.
The EU has advised member states to support the acceleration of permitting for electricity storage projects, it added.
Keith McGrane, Corre's group chief executive, said that after the company's successful equity placing in June, it is well capitalised to execute its current business plan.
Mr McGrane said the company was pleased with the progress of the flagship project in the Netherlands and the Green Hydrogen Hub in Denmark.
"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 capitalize on these opportunities as we continue to deliver on our business strategy of developing a network of LDES facilities across Europe and beyond," the CEO added.
