Corre Energy CEO Keith McGrane. Photo: Frank McGrath
Dublin-listed Corre Energy has announced plans to raise additional funds through an issue of new shares.
The company, which is headquartered in the Netherlands, focuses on the development, construction and commercialisation of long duration energy storage projects.
Last week, Corre Energy raised €2.12m in new equity by way of a subscription agreement. Following this, it plans to launch a placing on similar terms for eligible shareholders.
The company said this placing would allow participating investors to avoid seeing their stakes diluted.
The placing will be conducted through an accelerated bookbuild process at a price of 46 cent per share.
In a statement, Corre Energy said the funds raised will “support the working capital of the company as it moves through the next stage in its strategic investment process.”
In March, the company reported that it had 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 remained at an early stage and did not confirm whether interest is for some or all of the business.
Last month, it appointed Rothschild & Co as financial advisor to the company while it assesses its options.
Corre Energy said that the additional funding for capital expenditure will be used for various projects and working capital.
