Corre Energy seals Siemens deal that will help it close pipeline of projects

Corre Energy, a Dublin-listed energy storage developer for renewable power firms, has signed an agreement with Siemens Energy that it says will allow it to proceed towards financial close of its international pipeline of projects.

The two companies said they have launched a global collaboration for the deployment of multiday compressed air energy storage (CAES), which works by utilising electricity to compress air during off-peak hours.

The deal allows Corre Energy to accelerate the international roll-out of major integrated renewable energy infrastructure projects.

“This agreement deepens an already strong partnership between the companies and allows Corre Energy to proceed towards financial close of its international pipeline of projects,” said Corre Energy chief executive Keith McGrane.

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The agreement was signed in Denmark where Corre Energy is deploying its CAES solution as a key component of the Green Hydrogen Hub (GHH) project.

Corre Energy is already working in partnership with Gas Storage Denmark and Eurowind Energy at GHH to deliver an energy hub combining co-located wind and solar generation, green hydrogen production and CAES technology to deliver a net zero facility.

Mr McGrane added: “We are responding to increasing market demand for multiday energy storage by deepening our partnership with Siemens Energy.

“By doing so we can offer a much-needed modular and standardised scalable CAES solution to the market providing storage for over 24 hours.

“This agreement will accelerate our response to meet increasing demand from a range of investment grade offtakers for the Corre Energy pipeline of projects.

“We are very proud of this collaboration with Siemens Energy which helps to validate our 10-year journey to yield a multiday CAES product that is deployable across multiple projects and geographies.”