Barry Dixon Head of Davy Decarbonization
Davy acts as Joint Bookrunner, Broker and Euronext Growth Listing Sponsor to Corre Energy B.V. on its successful equity fundraise
23rd February, 2023
Davy’s Corporate Finance Team advised Corre Energy B.V. (“Corre Energy” or the “Company”) on its successful primary placing and subscription of 2,561,798 new shares on Euronext Growth Dublin, raising gross proceeds of €8.9 million in Febraury 2023.
How did Davy advise Corre Energy on its equity raise?
We acted as Euronext Growth Listing Sponsor and Joint Bookrunner on this transaction. Davy is proud to have acted as Corporate Broker to Corre Energy since its IPO in 2021. Our in-depth knowledge of this sector and understanding of the Company’s equity story contributed to high-quality demand. The transaction further reinforces Davy Group’s credentials in the decarbonisation sector as well as in UK & Irish ECM transactions.
The transaction, which was launched at market open in an accelerated bookbuild structure, received strong demand from new and existing institutional and certain other investors, resulting in a materially oversubscribed book. The net proceeds will be used to continue the development of the Company’s Zuidwending, Netherlands (ZW1) and Green Hydrogen Hub, Denmark (GHH1) developments, both of which are expected to achieve commercial close in 2023, in response to an increasingly supportive legislative environment. It is envisaged that the net proceeds will also provide the Company with the option to pursue exclusivity on other promising European and North American projects in its pipeline.
Who is Corre Energy?
Corre Energy is a leader in the origination, development, construction and commercialisation of Long Duration Energy Storage projects and services which will accelerate decarbonisation and enhance the security and flexibility of grid-scale energy systems.
The Company, which is currently in development phase, will use renewable electricity to store compressed air in underground salt caverns, which can subsequently be combined with green hydrogen stored in co-located caverns to fuel the generation of electricity. When renewable electricity supply is high resulting in low prices, Corre Energy will compress air into storage caverns and conversely when renewable electricity supplies are low and prices are high, Corre Energy will generate green electricity from compressed air energy storage (“CAES”) from its pipeline of development projects across the Netherlands, Denmark, and Germany.
To find out how our Corporate Finance team can advise you, please contact dcf@davy.ie.
