Corre Energy

Corre Energy is a Dutch company that develops and operates long-duration energy storage (LDES) projects and products. The company’s first storage projects feature underground grid-scale energy storage solutions in the form of hydrogen-fuelled compressed air energy storage (CAES) as well as green hydrogen production and storage. These include the company’s flagship CAES project ZW1 in the Netherlands and the Green Hydrogen Hyb Denmark project (DK1).

Corre has also introduced a third project in Ahaus, Germany. The company formed an agreement with Solvay to use up to four underground salt caverns for compressed air energy storage and deliver over 500 MW of generating capacity. The first cavern is expected to be handed over to Corre Energy in early 2027 and construction of all four caverns is ongoing.

The company claims its CAES systems have an asset life of over 35 years, along with unlimited storage cycles and low capital costs. Further, applications can be scaled modularly by adding more capacity and caverns.

In January 2023, Corre formed its US subsidiary Corre Energy US Development Company LLC to head up utility-scale CAES projects in North America. Furthermore, as of February 2024,  Corre has 100 GWh of AES under development representing 20% of the total capacity of planned large-scale energy storage projects in Europe over the next 10 years. This made Corre the single largest developer of energy storage in Europe.

Key customers and partnerships

The company has partnered with Eurowind Energy and Gas Storage Denmark for the Green Hydrogen Hub Denmark, which aims to offer commercially viable, large-scale hydrogen production, storage, and CAES solutions. The company has also signed partnership agreements with Geostock, Nobian, TenneT, and Energinet, among others.

In June 2023, Corre signed a land and cavern option agreement with Solvay, to secure up to four caverns across three projects in Germany. In November 2023 Corre partnered with Siemens Energy to launch a global collaboration for the deployment of multiday CAES.

In January 2024, Corre signed an agreement with Eneco for offtake, co-development, and co-investment for Corre's first CAES project in Germany.

Funding and financials

Corre Energy was publicly listed on Euronext Dublin in September 2021 under the ticker CORRE. For FY2021, the company reported a revenue of EUR 5,000 (~USD 5,490), while FY2022 reported no revenue.

In February 2023, the company raised EUR 8.9 million (~USD 9.8 million) in post-IPO equity, with the placement of new shares bringing the total funding raised via post-IPO equity to EUR 19.8 million (~USD 21.7 million).