Energy company Corre Energy said its investment phase saw a €10.6m loss recorded after tax, in line with expectations, for the year to the end of December.
The company said it successfully raised €10.9m in May 2022 and a further €8.9m in February 2023.
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. and is also actively identifying development opportunities in the US and beyond.
Corre's projects are not yet operational.
Today it reaffirmed the first half of 2023 target date for the commercial close of ZW1, which is its live project in The Netherlands.
It said the signing of a 15-year offtake agreement last year on ZW1 with Eneco has transformed the investment case on the project and on the entire group.
The company also reaffirmed the second half of 2023 target date for commercial close on GHH, which is its live project in Denmark.
Keith McGrane, CEO of Corre Energy, said that 2022 was about putting in place the building blocks for the company's growth whilst maintaining prudent capital deployment.
"Our standout priority was to progress our key sites to meet customer demand for long-term storage solutions from a rapidly growing renewables sector seeking to secure and balance future electricity supplies," the CEO said.
"Our projects in the Netherlands and Denmark both made strong progress in 2022, underpinning our focus on the successful Commercial Close targets for both sites during 2023," he added.
Mr McGrane said the company's two successful capital raising programmes has allowed it to advance its near-term projects whilst positioning the business for further planned pipeline growth.
"Corre Energy continues to make significant commercial progress on existing and prospective projects in 2023, and we look forward to providing a further market update in the near term," he added.
In a note, Davy analyst Colin Grant said that political support for energy storage continues to grow, and current market pricing remains above its forecast levels.
