Corre Energy, a Dutch renewable energy firm, is launching a €10mln stock market IPO earmarked for a listing on Euronext Dublin.
In a statement, the company said it intends to be “a critical enabler in the decarbonisation of power generation”.
Corre is focused on the development, construction and future operation of grid-scale underground renewable energy storage facilities, as well as the production and sale of green hydrogen.
The plan is to develop compressed air energy storage (CAES) projects, which involve the storage of compressed air in underground caverns. Electricity is subsequently generated through the release of air through a power facility.
Corre begins with the exclusive rights to a portfolio of salt caverns for underground energy storage projects in Europe.
“Two of the group's large scale projects are at an advanced stage of development and we have an attractive pipeline of EU designated projects across Northern Europe that will provide long duration energy balancing solutions and increased use of renewables,” Keith McGrane, CEO of Corre Energy, said.
The first is the ZW1 project in the Netherlands, which promises to have generation capacity of around 320 megawatts. The project is due online in 2025 or 2026. It is modelled to create around €80mln of annual earnings by 2030 and have a 35-year lifespan.
Another project in the pipeline, DK1 in Denmark, similarly has planned generation capacity of 320MW and is intended to come with fully integrated green hydrogen capability.
The company’s plans are backed by an Italian infrastructure investment fund.
Through the planned IPO, the company intends to sell new shares to institutional, qualified and a limited number of retail investors in Ireland and the United Kingdom.
The IPO is being run by Dublin-based stockbroker Davy.