Renewable energy company Corre has signed a 10-year collaboration agreement with Geostock, a specialist in underground hydrocarbon storage, to accelerate its green energy projects as Europe turns away from Russian oil and gas.
A view of a storage tower. Credit: Geostock official website
Renewable energy company Corre has signed a 10-year collaboration agreement with Geostock, a specialist in underground hydrocarbon storage, to accelerate its green energy projects as Europe turns away from Russian oil and gas.
Corre, which is based in the Netherlands, raised €12 million on the Euronext Dublin Growth Market last September in an initial public offering that valued the company at more than €60 million.
Geostock is a joint venture backed by Entrepose Group and oil major TotalEnergies. It started as a specialist in the storage of liquid, liquefied and gaseous hydrocarbons, CO2 and effluents, but is now focussed on applying those techniques to support energy transition solutions in the United States, Canada, Europe and Asia.
Corre is already at work at 11 project sites across Europe and has the potential to add Geostock’s more than 20 projects to its own portfolio over the course of the agreement.
The two companies, which are understood to be working together informally already, cemented their partnership to take advantage of a more supportive policy environment since the Russian invasion of Ukraine.
The agreement aims to help them deliver long-duration renewable energy storage projects more quickly by combining Corre’s operating expertise with Geostock’s design and construction capabilities.
“We believe this is critical to reducing the EU’s reliance on energy imports, to enhancing its energy security and to delivering on its global climate change obligations,” said Corre chief executive Keith McGrane.
“By driving innovation in cavern design and operation, we can greatly facilitate the implementation of long-duration renewable energy storage solutions without which energy decarbonisation targets simply cannot be met.”
Corre uses underground salt caverns for compressed air energy storage and green hydrogen production and storage, which the company says is one of the cheapest forms of renewable energy storage. It has obtained exclusive rights to a portfolio of energy storage projects across the Netherlands, Denmark and Germany.
The company says each project can deliver 320MW of continuous green power and grid balancing for up to 100 hours. The idea is to address the intermittent nature of renewable energy, such as wind power, and smooth its pricing profile, which in turn supports the build out of renewable capacity and the transition away from fossil fuels.
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