| 15.4°C Dublin

UK signs up Corre Energy to develop clean HGV fuel alternative

Close

Corre Energy CEO Keith McGrane. Photo: Frank McGrath

Corre Energy CEO Keith McGrane. Photo: Frank McGrath

Corre Energy CEO Keith McGrane. Photo: Frank McGrath

Dublin stock market-listed Corre PLC has been selected to lead a UK study into the feasibility of liquefied hydrogen.

The study could provide a solution to developing safe, long-term hydrogen storage facilities and potentially open a route to shipping the fuel by pipe and tanker as a potential replacement for diesel at the pumps as a lower-emission alternative for Heavy Goods Vehicles (HGV).

Without a green alternative, all diesel vehicles will be banned in the UK from 2040, with HGV class 2&3 being banned from 2035.

The initial funding of £150,000 for a first phase study could be backed up by £9.45m for a second phase study, depending on results. That second phase would look to develop prototype technology.

The UK believes zero-emission commercial vehicles would reduce emissions by 250 million tonnes annually.

Corre Energy is the lead partner in the consortium that secured the award from the UK Department of Business, Energy and Industrial Strategy through its Longer Duration Energy Storage Demonstration programme.

Corre Energy is headquartered in the Netherlands and led by Irishman Keith McGrane. Its shares were listed on Euronext Growth, part of the Dublin stock exchange, last September. Its main focus is to develop, design and commercialise energy storage systems in underground salt caverns, using known technology in Compressed Air Energy Storage (CAES) and hydrogen-based systems.

Mr McGrane said the UK feasibility study could help develop scalable green energy storage solutions that are safe and clean and will help drive down energy costs.

“Many decarbonisation ambitions are high on aspiration but are difficult or costly to implement. By utilising the existing diesel supply models of direct delivery to fuel forecourts, we believe Carbon280 is on the cusp of a highly implementable alternative to fossil fuels for transport and for product delivery supply chains,” he said.

Last September, Corre Energy raised €12m in its initial public offering on Euronext Dublin, to value the business at €62m.

As well as its share placing, Corre previously raised a €20m investment from Italian fund Fondo Italiano per l'Efficienza Energetica for development of its flagship hydrogen-based storage projects in the Netherlands and Denmark.


Business Newsletter

Read the leading stories from the world of business.

This field is required


Most Watched





Privacy