Irish-listed Corre Energy has appointed Iain Balchin as chief financial officer, with immediate effect.
The energy storage and renewables specialist said the role will initially be a non-board position.
“I am delighted to be joining Corre energy at an exciting point in its evolution. The need for long duration renewable energy storage (LDES) has never been more important,” Mr Balchin said. “We have hugely exciting plans, and I am delighted to be able to lead the rapid growth phase the company is entering.”
Before his appointment to Corre, Mr Balchin led XLMedia and was deputy group CFO of wealth manager St James Place. He has experience in raising growth capital for businesses, including crypto payments platform Ramp Network and also at World Remit and Wizink Bank.
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“To meet increasing customer demand for our storage solution, a combination of growth capital and portfolio financing is required to capitalise on the ever-increasing market for LDES,” said chief executive Keith McGrane. “Iain’s diverse experience in capital raising for scale-ups and unicorns aligns extremely well with our need to accelerate growth.”
Corre Energy is providing a grid-scale solution for critical storage of renewable energy, developing a pipeline of long duration energy storage projects across northern Europe. Its project in the Netherlands, ZW1, has received several proposals for customer offtake from investment grade entities.
Corre is expanding into new markets, with a growing cavern portfolio in Germany and plans under way to enter the US markets. Recent policy announcements by the EU and US will provide tailwinds for large-scale, long duration electricity storage, the company said.
