The move marks the latest stage in the fortunes of the company, which was declared bankrupt in the Netherlands in October.<\/p>\n
Although registered in the Dutch city of Groningen, Corre Energy listed on the Euronext stock exchange in Dublin in 2021, valuing it at \u20ac62m with \u20ac12m raised in funding from the listing.<\/p>\n
The company has been struggling for almost two years now<\/p>\n
However, it has been struggling for almost two years, with a series of executive departures. This included co-founder and CEO Keith McGrane stepping down in November 2024, and chairman Frank Allen\u2019s departure from the company.<\/p>\n
Another co-founder, Darren Patrick Green, stood down as president and executive director after unrelated companies he was involved in were named in relation to a UK tax probe.<\/p>\n
Corre Energy had been focused on the development, construction and eventual operation of grid-scale underground renewable storage facilities as well as the production of green hydrogen.<\/p>\n
In July 2024, it had announced what it described as \u201cone of Europe\u2019s largest battery projects\u201d that was to be part of a \u20ac300m scheme to store up to 640MWh in batteries in the Netherlands as part of a joint partnership with the Dutch battery storage firm SemperPower.<\/p>\n
However, by December of that year, the company said that it had sold its 50pc stake in the joint venture for \u20ac4m, describing the sale as an \u201cimportant milestone\u201d following a restructuring undertaken in September.<\/p>\n
The company had also touted what it described as its flagship compressed-air energy storage project, known as ZW1 in the north east of the Netherlands, which was designed to serve as a storage platform for offshore windfarms.<\/p>\n
Corre Energy also claimed to be the consortium lead, alongside Eurowind Energy and Gas Storage Denmark, in the development of the Green Hydrogen Hub Denmark project, which aimed to combine large-scale hydrogen production and storage in Denmark.<\/p>\n
Storage is an important part of developing renewable energy into more dependable, long-term power sources, with wind and sunshine often at variance with grid requirements.<\/p>\n
In July of last year, Corre Energy agreed a debt repayment plan aimed at reducing a tax bill of over \u20ac1m owed to the UK Revenue.<\/p>\n
However, the firm\u2019s bankruptcy and liquidation means that it will not be able to discharge any further debts.<\/p>\n","protected":false},"excerpt":{"rendered":"The move marks the latest stage in the fortunes of the company, which was declared bankrupt in the…\n","protected":false},"author":2,"featured_media":222659,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[8819,72,61,60],"class_list":["post-222658","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-adrian-weckler","tag-business","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/222658","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=222658"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/222658\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/222659"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=222658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=222658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=222658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}