The Energy Storage Report 2024

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CAES developer Corre Energy hires Rothschild for investment process


Dublin-listed compressed air energy storage (CAES) project developer Corre Energy has hired investment bank Rothschild to explore the possibility of private investment in the firm.

The company, which listed on the Euronext Growth Dublin market in September 2021, said in March it had received multiple ‘indications of interest’ to invest in the company, and last week (17 April) hired Rothschild & Co to assist the company in assessing its different options.

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The company is developing several large-scale CAES projects, including with large utility Eneco in Germany and the Netherlands and another in Denmark with five in total. Those three will be around 300-320MW of rated power and a discharge duration of around 3.5 days, meaning up to 27GWh of energy storage capacity, each. It also acquired a project in Texas last year.

The five projects in Europe led Corre to claim that it is the largest developer of energy storage in Europe, with those projects’ combined 100GWh-plus capacity being recognised in various transmission system operator (TSO) planning documents.

That achievement, plus its agreement to sell a 50% stake in the Germany project to Eneco and a construction milestones mean that the company was always going to attract attention, a source familiar with the matter said, indicating a de-listing could be on the cards.

“The listing was to raise development capital, not to have a share price,” they said. “There is a strong interest in investing in the company.”

As a listed company Corre Energy has had a mixed performance. Having listed in September 2021 at around €1.26 per share, it peaked at around €3.90 in February 2023 but now sits at around €0.72. The expressions of interest came in March after a rapid six-month fall.

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