Corre Energy, the troubled developer of large-scale storage solutions for renewable energy, said that its cash and unused loan facilities have fallen to €2.5 million, as it proceeds with a plan to delist from the Dublin stock market.
The Netherlands-based company said last month that it planned to delist, having “identified potential funding solutions for the portfolio going forward which are outside the public markets”.
The company has not given details on the funding solutions. It follows a near year-long search for a major investor. The company’s share price slid in the meantime as the company ran through cash and had to resort to emergency loans from existing investors.
“The board believes that maintaining a listing on Euronext Growth Dublin is unlikely to offer the most effective or cost-efficient path to securing this funding,” Corre Energy said in a shareholder circular, issued on Tuesday, ahead of an extraordinary general meeting on March 17th.
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“The board also believes it is more appropriate and practical to undergo any further changes required to its operating model outside the constraints of market announcement obligations and confidentiality constraints.”
Corre Energy, which raised €10 million in an initial public offering in late 2021 in a deal that valued it at €62 million, has lost more than 85 per cent of its value in the past 12 months, leaving it with a market capitalisation of just €10 million.
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The company, currently led by interim chief executive Patrick McClughan, following sweeping management and board changes last year, said that it plans to put arrangements in place for ongoing shareholders to buy and sell shares for a minimum of 12 months after the listing is cancelled at the end of this month.
This facility is expected to be provided by PJ Jenkins, a London-based platform used by private companies for trading their shares.
Corre also gave an update on its three key project developments, mainly centred around large-scale compressed air energy storage (CAES) facilities that will allow surplus energy to be converted into compressed air, stored in underground salt caverns
It is now prioritising capital expenditure on two projects in Germany with combined generation capacity of 680 megawatts (MW). This integrated project is expected to reach ready-to-build stage by late 2026 to early 2027, it said.
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Its previously most advanced project, the so-called Zuidwending (ZW1) in the Netherlands that would be capable of supplying up to 320MW of electricity to the grid, had once been due to come on stream at the end of 2026. However, the company said that this has encountered permit challenges, pushing back a final investment decision.
“Capital investment is being tightly monitored until movement in the permitting regime allows for the company to step up development,” it said.
The company said it expects to make further progress on a Danish project during 2025. “However, as the company referenced in September 2024, the scope and size of the CAES development are challenged by cavern availability and sizing,” it said.
“The company continues to work closely with its partners to refine the scope of this development and is encouraged by recent positive developments with partners in this regard.”
