Corre Energy develops, builds, and operates underground grid-scale energy storage infrastructures using air-powered hydrogen with green hydrogen storage and production in Northern Europe.

With 11 green hydrogen storage projects in the pipeline, Corre Energy provides solutions for large-scale renewable energy integration.

Corre Energy has been listed on Euronext Dublin since September 2021 and delisted in March 2025.

Fund II invested € 15 million by subscribing to a convertible debt instrument, increasable to € 20 million at its discretion.

Sourcing and Investment Rationale

• Proprietary deal finalized by FIEE in June 2021. The company’s founding shareholders were looking for growth capital in order to finance the development capex of the two projects in pipeline. FIEE, thanks to its first-mover advantage, was able to invest in the company with a convertible loan at an attractive entry valuation and with satisfactory governance rights before the company’s IPO.
• Attractive opportunity to invest in a leading company in the development, commercialization and operation of Long Duration Energy Storage (“LDES”) involving an 84hr multi-day balancing solution for 320 MW of output per project.

Value Creation

• Corre Energy represented a significant opportunity to enter the LDES segment, an underinvested yet fundamental component of the energy transition to achieve the full decarbonization of power grids, as well as energy security.
• The long-term strategy agreed with the management was to transform the company from a pure developer into an independent power producer.

Progress Update

• Corre is currently in a pre-revenue phase and is these years faced all the challenges of a developer but since FIEE investment in 2021 reached specific milestones, such as: (i) commercial close of ZW1 and GHH projects with off-take agreements both in place; (ii) collaboration with Siemens Energy for deployment of multiday CAES solution; (iii) agreement with Solvay for German projects; (iv) 75% completeness of underground construction of the four salt caverns in Germany; (v) key partnerships with landmark stakeholders as Nobian, Siemens, Eneco, Solvay; (vi) a JV between Corre Energy and SemperPower, a leader in the Battery Energy Storage System (BESS) Dutch market
• The company needed further fundraising rounds to cover its development/capex needs meanwhile capital markets have recently taken a risk-off approach to companies with no assets in operation. The company is now in a distressed situation and filed in August for the Suspension of Payment and for bankruptcy in September 2025. A trustee was appointed to verify interest on the assets from third party in the context of the liquidation procedure.