Corre Energy BV - Groningen, Netherlands-based renewable energy storage solutions and green hydrogen producer - Sets out plan to list on Euronext Growth market, part of Euronext Dublin, on Thursday. Corre Energy says it plans to use "renewable electricity to store compressed air in underground salt caverns, which can subsequently be combined with green hydrogen stored in co-located caverns to fuel the generation of electricity".
The company, which is still in the development phase, explains: "When renewable electricity supply is high resulting in low prices, Corre Energy will compress air into storage caverns and conversely when renewable electricity supplies are low and prices are high, Corre Energy will generate green electricity from [compressed air energy storage]."
Davy is acting as sole bookrunner and broker for the initial public offering. Corre Energy hopes to raise EUR12 million from the IPO, giving the company a EUR62 million market capitalisation on admission, with a free float of just under 20%.
By Tom Waite; thomaslwaite@alliancenews.com
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