Corre Energy raises €8.9m in share placing

Corre Energy CEO Keith McGrane. Photo: Frank McGrath

Caoimhe Gordon

February 23 2023 08:49 AM

Dublin stock market listed Corre Energy has raised €8.9m through an issue of new shares.

The company’s main business is the development, construction and commercialisation of long duration energy storage projects which are linked to greater use of renewables.

Net proceeds of the placing, alongside a further €4m in funding from infrastructure investment fund Fondo Italiano per L'Efficienza Energetica, will be used to finance ongoing projects.

These plans include a compressed air energy storage project in the Netherlands, as well as the development of the company’s Green Hydrogen Hub in Denmark.

These projects are expected to achieve commercial close this year.

Proceeds from the raise will also allow the company to pursue projects in the European and North American markets.

Corre said it raised around €8.9m from the placing of more than 2 million new shares with both new and existing institutional investors, as well as the subscription by other investors of 500,000 new shares in the company capital. Both were at a price of €3.50 per share.

Corre Energy chief executive Keith McGrane described the raise as “a great endorsement of the company.”

“[It] recognises the progress made regarding our near-term projects and positions the company well for further growth,” he added.

In September 2021, Corre Energy raised €12m in its initial public offering on Euronext Dublin, as well as €10.88m from a share placing last May.