Corre Energy has signed a 10-year collaboration agreement with Geostock, a global leader in underground energy storage techniques.
This strategic collaboration offers the potential to combine Corre Energy’s market-leading project development, financing, commercialisation and operating expertise with Geostock’s more than half a century of expertise in leading-edge underground storage solutions. The ultimate aim is to deliver more long-duration energy storage (LDES) projects faster and more efficiently.
Matches end-to-end complementary project delivery skills:
- Corre Energy – project development, financing, commercialisation and operation, as well as generating complementary income streams through storage services and storage products
- Geostock – design of leading-edge underground storage solutions
- Presents opportunities for end-to-end project collaboration and delivery of long-duration energy storage solutions on a global basis
- Scope to accelerate Corre Energy’s 11 planned projects in Europe and Geostock’s 20+ projects in the US, Canada, Asia and Europe
- Increases ambition to deliver more projects more quickly in light of the increasingly supportive policy environment, including REPowerEU, which aims “to develop infrastructure, storage facilities and ports and replace the demand for Russian gas with additional 10mt of imported renewable hydrogen.”
Keith McGrane, Chief Executive of Corre Energy, said, “We are delighted to announce we have entered into a 10-year collaboration agreement, to join forces as appropriate, to accelerate the development of large-scale storage of renewable energy through underground compressed air complemented by green hydrogen.”
Pascal Baylocq of Geostock, CEO, added, “Geostock has more than 50 years’ experience in designing and operating hydrocarbon underground storages all around the world. As part of the energy-transition we have been adapting our quite unique experience to low-carbon energy storage and we see significant potential to work with Corre Energy on developing underground solutions including green hydrogen and compressed air energy storage.”