Energy company Corre Energy has reported a loss before tax of €9.911m for the six months to the end of June, a narrowing of the losses of €16.595m reported the same time last year.

Corre concentrates on the development, construction and future operation of grid-scale underground renewable energy storage facilities, as well as the production and sale of green hydrogen.

It has projects in the Netherlands and Denmark and also has plans for expansion into Germany and the US.

The company said that in addition to the €8.9m equity raise completed in February, it has secured another €10m of funding.

It said the new funds will help expand and develop the pipeline of opportunities in its rapidly-increasing addressable market.

During the six month period, Corre said it doubled the size of its European capacity with a key deal in Germany, while it also secured an exclusive option agreement to buy its first North American project subject to completion of due diligence.

It also reached commercial close of its Dutch project and is on track for commercial close in Denmark later this year.

Keith McGrane, CEO of Corre Energy, said the first half of 2023 saw the solid delivery of commercial milestones in its existing portfolio, successful funding to match its ongoing development plans and strong progress in expanding its portfolio.

“The political landscape and policy environment continues to underpin our business model and growth plans,” the CEO said.

“As the current market for European offshore wind is showing, Long Duration Energy Storage (LDES) is a key enabler of the integration of large-scale renewable energy,” he said.

“Reflecting increased demand from the offtake market for our storage solution and to support the expansion of our development pipeline, we have successfully agreed a further €10m of funding,” he said.

“This additional funding underpins the fast-growth nature of our business as we continue to expand and ensures we are funded at a corporate and project level,” he added.