The Dublin-listed energy storage group reported that Mr Eng stepped down to pursue “other personal and professional interests.”
Mr Eng has been a non-executive director on Corre Energy’s board since its IPO in September 2021. He was also appointed as interim chair of the board in June.
He replaced Frank Allen who left the role after three years in the position due to professional commitments outside of Corre Energy.
The company said that it is now working to appoint a new interim chair.
In a statement today, Corre Energy also reported that the investment process led by Rothschild & Co is progressing.
In March, Corre Energy announced that it had received “multiple indications of interest: industrial, strategic and institutional” to invest in the business.
A month later, it appointed Rothschild & Co as financial advisor to the company while it assesses its options.
It said at the time that discussions with each interested party remained at an early stage and did not confirm whether interest is for some or all of the business.
Corre Energy added earlier this year that any additional funding for capital expenditure will be used for various projects and working capital.
It now expects to update shareholders on the process next month.
The energy storage group also plans to engage with shareholders over the coming weeks in relation to short-term funding needs ahead of this potential investment.
The company, which is headquartered in the Netherlands, focuses on the development, construction and commercialisation of long duration energy storage projects.
Earlier this week, Corre Energy reported that parent company Corre Energy Holdings C.V handed a 19.3pc stake in the company to an outside lender, Stream Street Limited, to settle a loan that had been backed by shares.
The company also pointed to a number of filings made by Corre Energy Group Holdings C.V. at the Dutch Authority for the Financial Markets which are linked to pledges related to shares in the listed company..
Corre Energy reported that these shares were used as security for three loans from three separate lenders. It is understood that these loans were taken out in recent quarters and that the majority of the funds raised were used for reinvestment in the business.
Shares in the business were down almost 16pc this morning and have dropped over 96pc in the past year.
