Corre Energy
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Corre Energy (CORRE) investor relations material

Corre Energy has been delisted

Corre Energy H1 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Corre Energy B.V.
H1 2024 earnings summary30 Sep, 2024

Executive summary

  • Achieved €2m pre-tax profit for H1 2024, mainly from a €5.8m option revaluation gain on the IEEF II equity-linked funding agreement.

  • Net cash at period end was €0.3m, with €1.1m added in July from an equity raise and a €5m shareholder loan facility secured in August.

  • Operational review underway to reduce costs, prioritize high-return projects, and enhance governance with a new board.

  • Strategic focus on multi-duration energy storage, integrating BESS and CAES technologies.

  • JV with Semper Power to develop a 320MW BESS at Zuidwending, Netherlands, and continued progress on key German and Danish projects.

Financial highlights

  • Profit after tax for H1 2024 was €2m, compared to a €9.9m loss in H1 2023, driven by a €5.8m option revaluation gain and €2m tax credit.

  • Operating loss (excluding one-offs) was €5.9m, a slight improvement from €6.4m loss in H1 2023.

  • Net cash at 30 June 2024 was €0.3m, up to €1.4m post-period after equity raise; trade creditors increased to €4.1m.

  • Share capital increased to €349k and share premium to €36.7m after new share issues.

  • Basic EPS for H1 2024 was 16.1 cents, compared to (4.2) cents in H1 2023.

Outlook and guidance

  • Capital allocation will focus on German AH1 and AH2 CAES projects and the ZW1 BESS project in the Netherlands.

  • ZW1 CAES project in the Netherlands delayed by permitting, with FID now expected post-Q4 2027.

  • GHH project in Denmark remains a priority but faces cavern capacity constraints; FID targeted for H1 2027.

  • Ongoing strategic review to optimize project portfolio and funding, with potential new investment expected in late 2024 or 2025.

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    Frequently asked questions

    Corre Energy B.V. specializes in the development, construction, and operation of large-scale, underground renewable energy storage facilities. The company focuses on creating and managing energy storage solutions, particularly in salt caverns, using compressed air and green hydrogen technologies. These facilities are designed to store and later release renewable energy, helping to stabilize the grid by offsetting the intermittent nature of renewable energy sources. The company is headquartered in Groningen, Netherlands, and its shares are listed on the Irish Stock Exchange.