Long duration energy storage company Corre Energy said today that Frank Allen, Chair of its Board of Directors, intends to stand down from the board upon expiry of his three-year tenure at the company's forthcoming AGM.
The move coincides with a planned transition of the Board composition to facilitate the company's growth.
Mr Allen is leaving the board due to professional commitments outside of Corre Energy.
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 that on the basis that all resolutions are passed at the AGM, non-executive Board member Rune Eng will fulfil the role of Interim Chair while the responsibilities of the Audit and Risk Committee will be consolidated into the main Board of Directors.
This interim arrangement will exist until future changes are announced, it added.
Keith McGrane, CEO of Corre Energy, said that Mr Allen helped navigate the company through many critical milestones, including securing offtake agreements for projects, expanding its pipeline, overseeing several successive rounds of funding, and positioning Corre Energy as one of the foremost LDES companies in the market.
"Our focus remains on progressing the significant investor interest in the company and ramping up our activities to deliver maximum value to our shareholders and wider stakeholders," the CEO said.
"To support this, our Board will now transition to support our next phase of growth and we look forward to making announcements in due course regarding the appointment of new Non-Executives and senior executives," he added.
