Energy company Corre Energy said it made "significant progress" during 2023 as commercial close status was reached - as planned - at its ZW1 project in the Netherlands and its GHH project in Denmark.
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 projects in the Netherlands, Denmark and Germany.
During the year the Ahaus project in Germany was added to its portfolio, which doubled the size of its current European portfolio.
The company said its operating losses for the year were in line with management expectations, helped by prudent cost and cash controls.
Corre said it raised €8.9m of equity last February and €10m in September through combined equity, funding drawdown and loan agreement and added that it has a supportive shareholder base which has supported its working capital needs effectively so far.
Keith McGrane, CEO of Corre Energy, said that 2023 was about accelerating the company's operational performance following the key achievements of reaching commercial close at two of its projects in the Netherlands and Denmark.
"Added to that is the doubling of our European portfolio with the addition of a new development in Germany which has paved the way for a successful second partnership with Eneco as offtaker and investor, announced earlier in 2024. We've achieved this while cementing our partnership with Siemens Energy by signing a Global Collaboration Agreement to underpin our growth," the CEO said.
"Our commercial milestones and growth plans were achieved as market demand for our projects continued to rise. The global transition to a renewables-based electricity system is precisely why we're focused on storage hubs anchored by our multiday technology," he added.
Mr McGrane said the company's financial position in 2023 was very much in line with expectation for this development stage of the business as it continues to deliver growth and commercial ambition.
"At a project level we secured further co-investment whilst in parallel we have commenced a process to secure further, substantial investment for the business. Our focus is to progress our current projects to financial close, source new opportunities and ultimately transition the business to support our scale-up plans and deliver maximum value to shareholders and our wider stakeholders," he added.
