Last week saw the commencement of trading of Corre Energy on the Euronext Dublin exchange, with the company raising €12m of investment, with a market value of €62m.
The significance of this is that Corre Energy is one of the first developers of grid-scale, salt cavern Compressed Air Energy Storage (CAES) in the world to come to market. Using salt caverns for CAES is one of those old ideas in energy circles, two operating plants have been around for more than 25 years, but it is only the recent growth in offshore wind in Europe that has made them viable. Grid-scale and long-term storage will become ever more important as the proportion of variable renewable energy grows globally. Corre is developing 11 projects across Northern Europe where there is a concentration of salt caverns suitable for storage. Two of its initial large-scale projects, located in the Netherlands and Denmark, are at an advanced stage of development and will have a capacity of 320 MW each, with the Danish project also comprising a fully integrated green hydrogen capability. Assisted by ep group’s partner Cameron Barney the company has raised funding for its first project and has become a publicly quoted company on Euronext.
Cameron Barney specialise in raising capital for infra-tech and have a track record of securing capital for first of a kind infrastructure roll-outs. It was a pleasure to work with the Corre team and see the company develop over the last 18 months on these trailblazing solutions. We look forward to working with them on more projects in various parts of the world to help bring investment into energy storage projects and plans for hydrogen infrastructure, that support the transition to a net zero and regenerative economy.