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Corre Energy to raise up to €15m in post-IPO share placing

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Corre CEO Keith McGrane targets green power storage. Photograph: Frank McGrath

Corre CEO Keith McGrane targets green power storage. Photograph: Frank McGrath

Corre CEO Keith McGrane targets green power storage. Photograph: Frank McGrath

Dublin stock market listed Corre Energy has announced plans to raise €10m to €15m through an issue of new shares nine months after its initial public offering (IPO) in September.

Corre’s market capitalisation of  €125.28m is around twice the valuation at the time of the IPO. Net proceeds of the new placing are expected to be used to accelerate the development of Corre Energy’s current Green Hydrogen Hub (“GHH”) project in Denmark and its near-term projects in Germany.

Corre’s main business is development, construction, operation, and commercialisation of long duration energy storage projects linked to greater use of renewables.

Results for the 2021 financial year announced at the same time as the share placing show trading in line with expectations, including an earnings (ebitda) loss of €6.6m driven by employee expenses of €2.8m and legal an professional costs of €4.8m offset by €0.9m of grant income. The company had €13.4m of cash at bank.

CEO Keith McGrane said the years since the IPO was largely a capacity-building and development phase. 

Corre said its customers and partners include, amongst others: Siemens, Nobian, TenneT, Energinet, Gas Storage Denmark, and we have the support of EASE, LDES Council and the European Clean Hydrogen alliance.

Funding partners include the EU, Infracapital, IEEF II and the equity markets.

"Our EBITDA outturn was comfortably within plan reflecting strong execution, delivery, and deployment in a period that also saw strong progress towards financial close on our flagship project in the Netherlands and important collaborative agreements aimed at expanding and expediting our project development pipeline,” Keith McGrane said.

Davy is managing the funding deal, which will require approval of shareholders at an extraordinary general meeting which is to be held on or around June 7.

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