Corre Energy, listed on the Dublin Stock Exchange, has announced it will raise €10-15m by issuing new shares, nine months after its initial public offering (IPO) in September.
At €125.28 million, orre’s market capitalization is roughly twice as high as at the time of the IPO. The net proceeds from the Placement are intended to be used to accelerate the development of Corre Energy’s current Green Hydrogen Hub (“GHH”) project in Denmark and its near-term projects in Germany.
Corre’s primary business is the development, construction, operation and commercialization of long-term energy storage projects associated with increased use of renewable energy.
The results for the financial year 2021, announced at the same time as the share placement, show trading in line with expectations, including an earnings loss (ebitda) of 6.6 million euros, offset by personnel costs of 2.8 million euros and legal and Consulting costs of 4.8 million euros are offset by 0.9 million euros in funding. The company had €13.4 million in cash in the bank.
CEO Keith McGrane said the years since the IPO have been largely a period of capacity building and development.
Corre said his customers and partners include: Siemens, Nobian, TenneT, Energinet, Gas Storage Denmark and we have the support of EASE, LDES Council and the European Clean Hydrogen Alliance.
Funding partners include the EU, Infracapital, IEEF II and the equity markets.
“Our EBITDA was comfortably within plan, reflecting strong execution, delivery and delivery in a period that also saw strong progress toward financial close on our flagship project in the Netherlands and key collaboration agreements to expand and accelerate our project development pipeline ‘ Keith said McGrane.
Davy manages the financing deal, which requires shareholder approval at an extraordinary general meeting to be held on or about June 7.
https://www.independent.ie/business/corre-energy-to-tap-shareholders-for-up-to-15m-41680539.html Corre Energy will attract shareholders for up to 15 million euros