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Monday 20 September, 2021

Corre Energy B.V.

Updated Euronext Growth Schedule 1

RNS Number : 2293M
Corre Energy B.V.
20 September 2021

Pre-Admission Announcement
Euronext Growth Schedule 1

Announcement to be made by the Applicant prior to admission in accordance with the Euronext Growth Markets Rule Book

All Applicants must complete the following

Company name  


Corre Energy B.V. (the "Company")  

Company registered address and if different, company trading address (including postcodes)

  Helperpark 278-3, 9723 ZA Groningen, the Netherlands.  

Country of incorporation   

The Netherlands

Company website address containing all information required by rule 26 (5.26) of the Euronext Growth Markets Rule Books   

Company business (including main country of operation) or, in the case of an investing company, details of its investing strategy. If the admission is sought as a result of a reverse takeover under rule 5.19 of the Euronext Growth Markets Rule Books, this should be stated

Corre Energy is focused on the development, construction and future operation of long duration grid scale renewable energy storage solutions to be complemented by the production and sale of green hydrogen, all of which play a key role in the decarbonisation and deployment of renewable energy sources.


Corre Energy has exclusive rights to a portfolio of salt caverns for underground energy storage in Europe and is working with tier-1 project partners.


Compressed Air Energy Storage (CAES) is an energy storage technology that involves using electricity from renewable sources to compress air in underground storage caverns which can be released at a later time to generate electricity.


Energy transition is a priority of the European Union (EU) with aims to achieve 70% of electricity generation in Europe from renewable sources by 2030. Corre Energy's storage projects are identified as a key priority for future interconnection of EU energy system infrastructure and its pilot project ("ZW1"), located in the Netherlands, has attained Project of Common Interest (PCI) status.


Among the key issues to be resolved with renewable energy sources is intermittency (no energy produced when the wind does not blow or the sun does not shine) or curtailment (too much renewable energy produced in stormy situations, or at the wrong time of day, which the grid cannot handle).


To resolve these issues, renewable energy needs to be stored during times of excess supply (attracting low prices) so that it can be supplied in times of scarcity/high demand (attracting high prices). 108 gigawatt ("GW") of electricity storage is required to meet EU decarbonisation targets by 2030.


Corre Energy, which is currently in development phase, will use renewable electricity to store compressed air in underground salt caverns, which can subsequently be combined with green hydrogen stored in co-located caverns to fuel the generation of electricity. When renewable electricity supply is high resulting in low prices, Corre Energy will compress air into storage caverns and conversely when renewable electricity supplies are low and prices are high, Corre Energy will generate green electricity from CAES. Additionally, Corre Energy will generate revenue from the sale of electricity market balancing services and will sell surplus green hydrogen production to industry.


ZW1, the Group's first project is being developed in partnership with Infracapital (part of M&G Group plc). ZW1 is a large-scale renewable electricity storage facility. It will have a generation capacity of 320 megawatt ("MW") and a daily storage/delivery capacity of approximately 3-4 gigawatt-hours ("GWh"). Having already secured grid capacity and commenced permitting this project is expected to come on-stream in 2025/2026, with an expected annual EBITDA of circa €80m by 2030. Typical useful life of the project is targeted at 35 years.


Under the partnership, it is intended that Infracapital will fund, subject to the achievement of certain milestones, part of the development and capital expenditure in return for an ownership interest in the project. Corre Energy will retain a significant minority equity interest in this project.


· The Group's second project, in Denmark ("DK1"), is also a 320MW facility with fully integrated green hydrogen capability. Corre Energy currently owns 100% of the DK1 CAES plant as well as part ownership of the electrolyser plant in this project. The Group also has a pipeline of EU designated projects across the Netherlands, Germany and Denmark.


· Corre Energy has recently secured equity-linked funding of up to €20m from an EIB-backed Italian infrastructure fund managed by Fondo Italiano per l'Efficienza Energetica (FIEE), on achievement of certain milestones. An initial investment of €3 million has already been received by Corre Energy. This investment follows extensive technical and commercial due diligence in respect of the Group and FIEE is now an important strategic and proactive partner.



[1] Source: European Commission: Study on energy storage -Contribution to the security of the electricity supply in Europe, March 2020.



Details of securities to be admitted including any restrictions as to transfer of securities (i.e. where known, number of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):

Number of ordinary shares of €0.0045 each in nominal value ("Ordinary Shares") for which Admission will be sought: 62,018,846.

The issue price per Ordinary Share is €1.00.

There are no restrictions as to the transferability of the Ordinary Shares.

No Ordinary Shares will be held in treasury.  


Capital to be raised on admission (if applicable) and anticipated market capitalisation on admission:

Capital to be raised on admission: € 12 million through (i) the subscription for Ordinary Shares by a limited number of  investors and (ii) private placements of Ordinary Shares to institutional investors, certain qualified investors in Ireland and the United Kingdom,  and a limited number of retail investors in Ireland and the United Kingdom.

Anticipated market capitalisation on admission: € 62 million


Percentage of Euronext Growth securities not in public hands on admission


Details of any other exchange or trading platform to which the ex securities (or other securities of the company) are or will be admitted or traded:


Full names and functions of directors and proposed directors (underlining the first name by which each is known or including any other name by which each is known):


Keith McGrane, Executive Director, CEO

Darren Patrick Green, Executive Director, President

Timothy (Frank) Allen, Independent Non-Executive Director, Chair

Rune Eng, Independent Non-Executive Director


Full names and holdings of significant shareholders, expressed as a percentage of the issued share capital, before or after admission (underlining the first name by which each is known or including any other name by which each is known):



No. of Ordinary Shares

Percentage of Fully Diluted Issued Share Capital Before Admission

Percentage of Issued Share Capital After Admission

Corre Energy Group Holdings C.V.






Total number of Ordinary Shares are directly held by Corre Energy Group Holdings C.V. and are indirectly held by (1) Bloomsbury Holding Limited (52.54%), a company wholly owned by  Darren Patrick Green , (2) Lorlen Investments Limited (34.54%), a company controlled by  Keith McGrane, (3) Ledaig Mor Ltd (2.93%) a company wholly owned by Stuart Livingstone and (4) Air Corre Limited , a company wholly owned by Brendan Boyd.



Names of all persons to be disclosed in accordance with Chapter 5: Schedule Two, paragraph (h) of the Euronext Growth Markets Rule Book:


anticipated accounting reference date:

31 December

ii date to which the main financial information in the admission document has been prepared:

30 June 2021


iii. dates by which it must publish its first three reports pursuant to Rules 5.14 and 5.15 in the Euronext Growth Markets Rule Book:  

30 June 2022 (for its annual audited accounts for the year ended 31 December 2021),

30 September 2022 (for its unaudited interim accounts for the six months ended 30 June 2022)

30 June 2023 (for its annual audited accounts for the year ended 31 December 2022)

Expected admission date

23 September 2021

Name and address of Euronext Growth Advisor


Davy Corporate Finance, Davy House, 49 Dawson Street, Dublin 2, Ireland

Name and address of broker

J&E Davy, Davy House, 49 Dawson Street, Dublin 2, Ireland

Other than in the case of a Quoted Applicant, details of where (postal or internet address) the admission document will be available from, with a statement that this will contain full details about the Applicant and the admission of its securities

A copy of the admission document containing full details about the applicant and the admission of its securities will be available on the Company's website no later than 3 business days prior to admission.  

Date of notification





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