Corre Energy launches global agreement with Siemens Energy
Corre Energy and Siemens Energy have launched a collaboration for the deployment of multiday compressed air energy storage to meet an increase in market demand.
The energy storage company said that the new partnership will accelerate the international roll-out of major integrated renewable infrastructure projects.
It will also bring the Irish company towards the financial close of its existing project pipeline.
Corre Energy’s main business is the development, construction and commercialisation of long duration energy storage projects which are linked to the greater use of renewables.
The new agreement also comes as demand for energy storage solutions rises, particularly from renewable energy providers, offshore wind developers and large industrial users of power for long duration energy storage (LDES).
Corre Energy’s compressed air energy storage product provides a stable supply of energy storage, which exceeds the capacity of batteries.
The agreement was signed in Denmark where Corre Energy is currently deploying its energy storage solution in its Green Hydrogen Hub project.
This project, in partnership with Gas Storage Denmark and Eurowind Energy, will deliver a fully integrated energy hub which will combine wind and solar generation, green hydrogen production and energy storage technology to provide a net zero facility.
"We are responding to increasing market demand for multiday energy storage by deepening our partnership with Siemens Energy,” chief executive Keith McGrane said.
"By doing so we can offer a much-needed modular and standardised scalable CAES [compressed air energy storage] solution to the market providing storage for over 24 hours,” he added.
Mr McGrane said that this agreement will accelerate the company’s response to meet “increasing demand from a range of investment grade offtakers for the Corre Energy pipeline of projects.”
In September, Corre Energy announced that it had secured an exclusive option agreement to acquire its first project in North America.
The agreement for the project was signed in July, with the company set to acquire a 280MW compressed air energy storage project.
Reporting On: www.independent.ie