Corre Energy raised €2.12 million last week from founders and a long-term shareholder, and is now seeking to raise additional funds from other investors.
The cash call has been designed to tide the company over as it continues talks to third parties interested in making a significant “strategic investment” in a business that was down to just €1.08 million of cash at the end of last year. The shares are being offered at 46 cents, in line with the placing last week with founders and the unnamed long-term investor. The company’s founding shareholders include former director Darren Patrick Green, who stepped down in February, chief executive Keith McGrane and businessman Brendan Boyd.Shares in the company have fallen by more than 85 per cent over the past 12 months.
Corre’s most advanced development is its Zuidwending project in the province of Groningen in the Netherlands. ZW1 will be capable of supplying up to 320MW of electricity to the grid and is due to come on stream around the end of 2026.