Irish-run but Dutch-based business reveals it had €1m of cash at the end of last year, down from €3.4m a year earlier
Corre Energy, the Dublin-listed renewable energy storage developer, said it is looking at going to shareholders to raise cash to fund its short-term needs as it continues to talk to third parties that have signalled an interest in making a “strategic investment” in the company.
Corre, which floated on Euronext Dublin almost three years ago, said last month that it has hired investment bank Rothschild & Co to advise it on approaches it has had “from multiple parties” to invest in the company to provide it with additional funding for investment on projects and working capital.Shares in the company have fallen by more than 80 per cent over the past 12 months.
ZW1 will be capable of supplying up to 320MW of electricity to the grid for of up to 3½ days and is due to come on stream around the end of 2026. “Our commercial milestones and growth plans were achieved as market demand for our projects continued to rise,” said chief executive Keith McGrane. “Our financial position in 2023 is very much in line with expectation for this development stage of our business as we continue to deliver growth and commercial ambition. At a project level we secured further co-investment whilst in parallel we have commenced a process to secure further, substantial investment for the business.
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