REG - Corre Energy B.V. - Sale of entire 50% stake in Zuidwending BESS JV
19/12/2024 07:00
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RNS Number : 6860Q Corre Energy B.V. 19 December 2024
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (Market
Abuse Regulation)
Corre Energy B.V.
("Corre Energy" and the "Company")
Sale of entire 50% stake in Zuidwending Battery Energy Storage System (BESS)
joint venture
The Company, a leading developer of underground energy storage projects in
Europe, today announces the sale of its entire 50% ownership stake in the
Zuidwending BESS joint venture to Royal Vopak for a total cash consideration
of €4 million.
The €4 million is not subject to any conditions. This sale marks an
important milestone for the Company following the restructuring undertaken in
September 2024. The first phase of this operational restructuring is now
complete and has already delivered a significant reduction in headcount and
cost. Management and Board expect to deliver further cost reduction measures
in the first half of 2025. This disposal demonstrates the Company's commitment
to delivering value through a disciplined focus on core priorities and
efficient capital allocation.
This battery sale represents a full exit for the Company from the Zuidwending
BESS joint venture, which was established in partnership with Semper Power and
announced on July 5(th) of this year.
The sale forms part of a comprehensive strategic review by the new board and
executive management, as outlined in the interim results statement on
September 30th. The Company will provide the results of this strategic review
and further operational updates in Q1 2025.
For further information, please contact:
Corre Energy B.V.
ir@corre.energy (mailto:ir@corre.energy) or +31 (0) 50 799 5060
Davy (Euronext Growth Listing Sponsor)
Anthony Farrell
anthony.farrell@davy.ie (mailto:anthony.farrell@davy.ie) or +353 (0)1 6149993
Murray Group
Pat Walsh
pwalsh@murraygroup.ie (mailto:pwalsh@murraygroup.ie) or + 353 87 226 9345
ABOUT CORRE ENERGY: Corre Energy designs, develops, constructs, and operates
utility-scale Long Duration Energy Storage projects in Europe and North
America. Through our project development activities, Corre Energy is working
to accelerate the energy transition to net zero, while enhancing the security
and flexibility of large- scale energy systems.
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