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Monday, May 20, 2024

Corre Energy has declared a net loss of €30.2 million due to an increase in spending


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Last year, Corre Energy recorded an after-tax loss of €30.2m – in line with expectations – largely due to elevated staff and administration costs. The energy storage company specializes in developing, constructing, and commercializing projects centered around renewable energy.

The business saw considerable progress in 2022, having raised over €10m in funding and developed numerous projects throughout Northern Europe. To make things even better, they acquired another €8.9m through a share placing in February.

Things got even more exciting for Corre Energy in December, when they signed a fifteen-year offtake agreement with Dutch power provider Eneco, which allows the Dutch company to purchase the energy stored at the Zuidwendig Compressed Air Storage facility in the Netherlands. This facility is set to be completed before July.

Additionally, Corre Energy is currently constructing a Green Hydrogen Hub in Denmark, which is expected to be finished before the end of the year. The company is also exploring new sites in Germany, and negotiations are ongoing.

The European Union’s REPowerEU objectives represent a major step forward for energy storage across Europe. The EU’s introduction of accelerated permits for energy storage projects is being welcomed by Corre Energy.

Corre Energy also made an impact in the North American market following the US Government’s introduction of the Inflation Reduction Act in August. This Act provides funding support of roughly 30-40% for capital costs related to stand-alone energy storage projects, as well as a tax credit benefit for green hydrogen production. The Canadian Government has introduced a similar initiative.

Right now, Corre Energy has two project opportunities in the North American region, and they plan to close out at least one of these projects in the coming year. Keith McGrane, CEO of Corre Energy, commented on the successes of the year: “2022 was about putting in place the building blocks for our growth whilst maintaining prudent capital deployment. Our standout priority was to progress our key sites to meet customer demand for long-term storage solutions from a rapidly growing renewables sector seeking to secure and balance future electricity supplies.”

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