Corre’s main business is the development, construction and commercialisation of long duration energy storage projects which are linked to greater use of renewables.
Commercial close status was reached as planned at the Zuidwendig Compressed Air Storage facility in the Netherlands and the Green Hydrogen Hub in Denmark in 2023.
In a statement today, Corre reported that operating losses in 2023 were “in line with management expectations” and pointed to ongoing cost and cash controls.
The company also signed a deal for its first compressed air energy storage (CAES) facility in Ahaus, Germany, doubling the size of its European portfolio.
The company has teamed up with Dutch power provider Eneco for this project, with 75pc of underground cavern construction at the German site now completed.
The energy storage group also raised €18.9m in fresh funding last year.
It added that there is a process ongoing which looks to secure strategic investment for the business following external interest.
In March, the company said it has received “multiple indications of interest: industrial, strategic and institutional” to invest in the business.
It said at the time that discussions with each interested party remain at an early stage and did not confirm whether interest is for some or all of the business.
In a statement today, Corre added that there is “no certainty” that any investments will be made at this stage.
It plans to engage with shareholders over the coming weeks in relation to short-term funding needs ahead of this potential investment process.
The company is also focused on expanding its portfolio, as well as the delivery of existing projects.
Corre is also considering a number of initiatives to meet growing demand, including standardising the design of CAES projects to reduce project delivery times and costs. Other ideas being considered included building in application of complementary storage technology and growing the leadership team.
“2023 was about accelerating our operational performance following the key achievements of reaching commercial close at two of our projects in the Netherlands and Denmark,” chief executive Keith McGrane said.
“Our financial position in 2023 is very much in line with expectation for this development stage of our business as we continue to deliver growth and commercial ambition,” he added.
Davy analyst Michael Mitchell wrote that there was a “reasonable expectation that supportive shareholders will fund further short-term working capital requirements of the business, thereby providing an important financial backstop at a time when its strategic investment process progresses forward.”
