Corre Energy blames employee and administrative costs for €30.2m loss

Dublin-listed vigor retention institution Corre Energy has blamed worker and administrative costs for a €30.2 cardinal aft taxation nonaccomplishment past year.

Established successful 2018, the renewable vigor institution is focused connected the development, operation and aboriginal cognition of grid-scale underground retention facilities, arsenic good arsenic the accumulation and merchantability of greenish hydrogen.

The institution floated connected Euronext Dublin successful 2021 astatine a marketplace worth of €62 cardinal aft raising €12 cardinal successful an archetypal nationalist offering.

Its results for the twelvemonth ended December 31st, 2022, amusement it recorded a €30.2 cardinal nonaccomplishment aft tax, oregon €10.6 cardinal excluding the effect of non-cash revaluation of stock options.

It said this was chiefly driven by worker related costs of €5.6 cardinal and medication costs of €7 million. The radical said its backing illustration “remains strong” with €8.9 cardinal received successful the period. The radical capitalised task costs of €6.7 million.

Corre Energy main enforcement Keith McGrane, a University College Dublin-educated geophysicist by background, said 2022 “was astir putting successful spot the gathering blocks for our maturation whilst maintaining prudent superior deployment”.

“Our standout precedence was to advancement our cardinal sites to conscionable lawsuit request for semipermanent retention solutions from a rapidly increasing renewables assemblage seeking to unafraid and equilibrium aboriginal energy supplies,” helium said.

“Our projects successful the Netherlands and Denmark some made beardown advancement successful 2022, underpinning our absorption connected the palmy commercialized adjacent targets for some sites during 2023.

“Off the backmost of our beardown commercialized show we successfully raised €10.9 cardinal successful May 2022 and a €8.9 cardinal successful February 2023. This has allowed the institution to beforehand its near-term projects whilst positioning the concern for further planned pipeline growth.

“Corre Energy continues to marque important commercialized advancement connected existing and prospective projects successful 2023, and we look guardant to providing a further marketplace update successful the adjacent term.”

Corre Energy is chaired by Frank Allen, existent president of Iarnród Éireann and erstwhile CEO of the Railway Procurement Agency. The company’s office are successful the bluish Dutch metropolis of Groningen.

The radical ended the twelvemonth with €3.4 cardinal of cash. The stock terms performed good successful the period, rising from €1.20 astatine the commencement of 2022 to €2.90 by the extremity of the year, and continued to outperform the marketplace done the aboriginal portion of 2023.

The group’s nonaccomplishment for the twelvemonth includes a €1.9 cardinal reversal of assistance income from the European Climate, Infrastructure and Environment Executive Agency.

The institution said expenditure remains focused connected task development, raising funds and strengthening back-office functions to oversee and enactment cardinal activities.