REG - Corre Energy B.V. - Siemens Energy Global Collaboration Agreement

Corre Energy BVAnnouncement

06/11/2023 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:20231106:nRSF4053Sa&default-theme=true

RNS Number : 4053S  Corre Energy B.V.  06 November 2023

Corre Energy (CORRE.IR)

Corre Energy launches global collaboration with Siemens Energy for multiday
Compressed Air Energy Storage (CAES) to address rising market demand

·    Agreement provides framework to supply a standardised, scalable
multiday CAES solution

·    Optimises Corre Energy's delivery timeframe of the CAES solution to
align with multiple sequential financial closes across the pipeline of
projects

·    Deepens the Corre Energy and Siemens Energy partnership to meet
increasing offtaker demand for multiday electricity storage globally

Corre Energy, a leader in the design, development and commercialisation of
long duration energy storage (LDES), and Siemens Energy, have launched a
global collaboration for the deployment of multiday CAES. This allows Corre
Energy to accelerate the international roll-out of major integrated renewable
energy infrastructure projects which underpin the global energy transition.

This agreement deepens an already strong partnership between the companies and
allows Corre Energy to proceed towards financial close of its international
pipeline of projects.  It also responds to ever-rising demand from offtakers
such as renewable energy producers, offshore wind developers and large
industrial users of power for LDES solutions which are increasingly being
mandated by governments for future renewable project tenders. These customers
are drawn to Corre Energy's CAES product to provide multiday renewable energy
balancing, allowing a stable supply of energy storage beyond the capacity of
batteries.

A signing event to mark this agreement was held by the CEO of Corre Energy,
Keith McGrane, and Tobias Panse, Senior Vice President, Industrial Steam
Turbines and Generators at Siemens Energy. The event took place in Denmark,
where Corre Energy is deploying its CAES solution as a key component of the
Green Hydrogen Hub (GHH) project. Corre Energy is already working in
partnership with Gas Storage Denmark and Eurowind Energy at GHH to deliver a
fully integrated energy hub combining co-located wind and solar generation,
green hydrogen production and CAES technology to deliver a net zero facility.

Keith McGrane, CEO of Corre Energy, said: "We are responding to increasing
market demand for multiday energy storage by deepening our partnership with
Siemens Energy. By doing so we can offer a much-needed modular and
standardised scalable CAES solution to the market providing storage for over
24 hours. This agreement will accelerate our response to meet increasing
demand from a range of investment grade offtakers for the Corre Energy
pipeline of projects. We are very proud of this collaboration with Siemens
Energy which helps to validate our 10-year journey to yield a multiday CAES
product that is deployable across multiple projects and geographies."

For further information please visit https://corre.energy/
(https://corre.energy/) or contact:

 

 Corre Energy B.V.
 ir@corre.energy    +31 (0) 50 799 5060

 

 Davy (Euronext Growth Listing Sponsor)
 Barry Dixon, Head of Decarbonization Finance  barry.dixon@davy.ie
                                               +353 87 689 9195

 

 Murray Group (Financial PR and IR)
 Pat Walsh, Managing Director        pwalsh@murraygroup.ie
                                     + 353 87 226 9345

 

ABOUT CORRE ENERGY: Corre Energy designs, develops, constructs, and operates
utility-scale Long Duration Energy Storage (LDES) 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.

 

 

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  ISENKNBNFBDDQDK