Corre Energy has raised 12 million euros during its initial public offering on Euronext Dublin.
The market value of the company will be â¬ 62 million following its admission to the stock market here, according to a press release from the group.
Corre Energy is headquartered in the Netherlands and is headed by Irishman Keith McGrane.
The company is focused on the development and future operation of underground grid-scale renewable energy storage facilities, as well as the production and sale of green hydrogen.
It intends to use the proceeds of the placement, as well as the investment of â¬ 20 million previously announced by the Italian fund Fondo Italiano per l’Efficienza Energetica, to continue the development of its flagship storage-based projects. of hydrogen in the Netherlands and Denmark.
In addition, the group said the funding would be used to accelerate the development of an existing pipeline of 11 projects designated by the European Union across the Netherlands, Germany and Denmark and “for general purposes of ‘business”.
âCorre Energy is very pleased to join Euronext Growth, which marks an important step in our journey to decarbonise the electricity system through the development of grid-scale storage of renewable energy and the production and sale of hydrogen. green, âKeith McGrane, CEO of Corre Energy told.
“Our first fundraising of more than 12 million euros was largely oversubscribed and we are delighted to welcome our new institutional shareholders to our share register.”
He added that the company is now “well positioned as a pioneer of a technological solution that we believe will be a game-changer for environmentally and economically sustainable green energy.”
Davy acted as sole bookrunner, broker and advisor to Euronext Growth in connection with the placement.
Corre Energy is chaired by Frank Allen, member of the board of directors and chairman of IarnrÃ³d Ãireann. The UCC graduate is also an independent advisor to the World Bank on a number of infrastructure projects.