Energia
Italian EIB backed fund makes long-term strategic investment into Corre Energy
STOCKHOLM, Sweden , June 9, 2021 /PRNewswire/ -- Corre Energy BV ("Corre Energy" or "the company") and Italian Energy Efficiency Fund II ("IEEF") managed by Fondo Italiano per I'Efficienza Energetica SGR S.P.A ("FIEE"), have today signed a long-term equity-linked funding agreement for the strategic development of the company.
IEEF will invest up to EUR 20 million in Corre Energy, and the funds will be used for bringing its flagship hydrogen based storage projects in the Netherlands and Denmark to financial close alongside the strategic development of the company's EU project pipeline, integrating renewables and catalysing the green hydrogen economy at scale across Northern Europe in line with EU emission reduction targets.
Keith McGrane , CEO of Corre Energy commented:
Fulvio Conti , Chairman of FIEE commented:
Andrea Marano and Raffaele Mellone, co-CEOs of FIEE, added:
FIEE is a large equity fund dedicated to financing energy transition projects in partnership with energy service companies, with an attractive return on investment and low volatility. FIEE is an independent equity fund focused on the energy efficiency and infrastructure sector, which operates on behalf of some large institutional investors, including the European Investment Bank. FIEE is among the largest European funds specialising in energy efficiency for the energy transition.
Mario Vitiello
Email: mario.vitiello@fieesgr.com
Tel: +39 06 91 65 8102
Corre Energy develops, builds and operates grid-scale underground energy storage using hydrogen-fueled Compressed Air Energy Storage ("CAES") with bulk green hydrogen storage and production across Northern Europe . The company's development pipeline of 11 green hydrogen storage projects, including its flagship projects in the Netherlands and Denmark , provides deep integration of renewables and the decarbonisation of the energy systems at a national and continental scale.
Lisa Green
Email: lisa.green@corre.energy
Mob: +44 7917 826088
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https://news.cision.com/corre-energy/r/italian-eib-backed-fund-makes-long-term-strategic-investment-into-corre-energy,c3363922
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