Energy company Corre Energy said today it has raised, subject to certain conditions, about €8.9m by the placing of over two million new shares.
Corre Energy said the placing price of the shares of €3.50 represents a discount of about 10% to the closing mid-market price of €3.90 on February 21.
Corre 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.
Corre Energy's chief executive Keith McGrane said the share placing was a great endorsement of the company, adding that it recognises the progress made regarding its near-term projects and positions it well for further growth.
He said the net proceeds from the fundraising and related investment of up to €4m by Fondo Italiano per L'Efficienza Energetica are expected to be used to continue the development of the company's Zuidwending project in the Netherlands and the Green Hydrogen Hub in Denmark.
Both of these projects are expected to achieve commercial close in 2023, against the backdrop of increasingly supportive government policies.
"It is anticipated that the net proceeds will also be used to give the company the option to pursue exclusivity on other promising European and North American projects in its pipeline, and for general corporate purposes," Mr McGrane added.
