Corre Energy plc, the Irish-run Dutch enterprise developing grid-scale underground renewable energy storage facilities, has raised gross proceeds of €8.9m by placing 2 million shares with investors.

The company listed in October 2021 by selling shares at €1 per share and the share is currently trading at the €3.70 level

The new shares were sold at €3.50 per share.

Corre Energy chief executive Keith McGrane commented: “On behalf of the whole team at Corre Energy, I am delighted with the success of this raise. It is a great endorsement of the company and recognises the progress made regarding our near-term projects and positions the Company well for further growth.

“I would like to express my gratitude to our existing investors for their continued support and welcome our new investors to the journey."

In Association with

Net proceeds from the fundraising and related investment of up to €4m by Fondo Italiano per L'Efficienza Energetica will be used to continue the development of Corre Energy’s Zuidwending project in the Netherlands and its Green Hydrogen Hub in Denmark.

Some of the additional funding has also been earmarked for pursuing other projects, and for general corporate purposes.

Corre Energy’s June 2022 balance sheet showed equity invested of €22m and start-up losses of €20m.

Photo: Corre Energy founders Keith McGrane (left) and Darren Patrick Green