REG - Corre Energy B.V. - GHH and Co-Investment Update

Corre Energy BVAnnouncement

18/12/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231218:nRSR0637Xa&default-theme=true

RNS Number : 0637X  Corre Energy B.V.  18 December 2023

Corre Energy B.V.

(the "Company")

 

Corre Energy completes commercial close of GHH in Denmark

·    Offtake arrangements for GHH in Denmark delivers project commercial
close in H2 as planned

·    Portfolio de-risking ramps up having also achieved the Dutch ZW1
commercial close in H1

·    Co-investment agreements with key strategic partners in the final
stages to deliver first three European projects to completion (FID)

Corre Energy, a leader in the design, development and commercialisation of
long duration energy storage (LDES), has now agreed offtake arrangements for
its GHH project in Denmark, resulting in commercial close of this project.
This is the second commercial close in 2023 having achieved the same milestone
at Corre Energy's ZW1 project in The Netherlands in H1. Practical components
are now in place and include land, grid and cavern access arrangements, taking
both projects substantially closer to completion (FID).

Commercial close status significantly de-risks the delivery of each project
and supports wider de-risking of our overall portfolio. It provides a clear
pathway towards FID which delivers revenue to Corre Energy, while the offtake
agreements provide the latest evidence of strong customer demand and
commercial partner traction.

Following the launch of a portfolio-level funding process in H2 2023,
co-investment discussions with strategic partners are now being finalised for
our Danish GHH, Dutch ZW1 and German Ahaus 1 projects. These partners will act
to de-risk the projects financially while expediting the process to FID. The
specific terms of these agreements, which reflect the current development
stage of the projects, will be communicated once finalised in early 2024
followed by details of wider funding solutions, the process for which is
continuing.

Since the start of 2023, Corre Energy has added two new projects in Germany
and secured the opportunity to invest in our first US project, doubling the
size of Corre Energy's pipeline. This is in addition to our recently announced
global collaboration with Siemens Energy, which provides Corre Energy with a
standardised, scalable CAES solution for deployment across our platform.

Keith McGrane, CEO of Corre Energy, said: "With a new offtake arrangement and
three strategic co-investment partners in advanced negotiation, we round off
2023 having achieved significant progress and key milestones. We have
delivered our stated plans to achieve commercial close in Denmark and this
follows just six months after the same achievement in the Netherlands. This is
combined with our new projects in Germany, securing an option agreement in the
US and signing a global collaboration agreement with Siemens Energy.

"Meanwhile, the new co-investment partnerships will deliver a capital solution
on a project-by-project basis while unlocking wider portfolio funding. Taken
together, the funding and strategic partner progress, our commercial close
milestones, our technology and people, and the broader market tailwinds give
Corre Energy significant momentum as we head into 2024."

 Corre Energy                                       ir@corre.energy

 Davy (Euronext Growth Listing Sponsor)             +353 87 689 9195

 Barry Dixon, Head of Decarbonization Finance       barry.dixon@davy.ie

 Murray PR (Financial PR and IR)                    + 353 87 226 9345

 Pat Walsh, Managing Director                       pwalsh@murraygroup.ie

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ISEBGBDDDUBDGXR