Corre Energy BV - Groningen, Netherlands-based renewable energy storage and green hydrogen company - Forms 50/50 joint venture with SemperPower, "the Dutch market leader in developing, financing and operating battery energy storage systems", to "deliver one of Europe's largest battery storage facilities" at its Zuidwending site in the Netherlands. Amsterdam-based SemperPower, which is owned by renewable energy investment platform Return Energy, will partner with Corre Energy to deliver the 320 mega watt battery project. Corre says the JV will invest EUR7 million initially, with capital already invested to date representing its share. Adds that SemperPower will provide battery infrastructure sourcing, development and operational expertise.

Corre Chief Executive Officer Keith McGrane says: "This major new partnership with Semper Power and Return Energy speeds up and broadens our income profile for Zuidwending while delivering critical storage to meet future energy consumption needs...Looking ahead, we believe batteries could play a major role in our current and future projects. It's a model we can replicate and scale because the economics stack up, it can accelerate projects and the technology is highly complementary."

Current stock price: 46 euro cents, up 21% in Dublin on Friday

12-month change: down 87%

By Jeremy Cutler, Alliance News reporter

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