REG - Corre Energy B.V. - Board Changes

Corre Energy BVAnnouncement

24/06/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240624:nRSX4928Ta&default-theme=true

RNS Number : 4928T  Corre Energy B.V.  24 June 2024

24 June 2024

Corre Energy B.V.

("Corre Energy" and the "Company")

Corre Energy begins Board transition to support scale-up strategy

Corre Energy, the leading developer of long duration energy storage (LDES),
announces that at its forthcoming Annual General Meeting (AGM) Frank Allen,
Chair of the Board of Directors, intends to stand down from the Board upon
expiry of his three-year tenure as Chair owing to professional commitments
outside of Corre Energy. It coincides with a planned transition of the Board
composition to facilitate the Company's growth.

Mr. Allen, who has been Chair prior to and since the Company's IPO in 2021,
has overseen Corre Energy's initial phase of growth, including the delivery of
key commercial milestones and fund-raising activities. Most recently, this
includes the launch of the process led by Rothschild & Co to manage and
secure investor interest in the Company.

On the basis that all resolutions are passed at the AGM, Non-Executive Board
member, Rune Eng, will fulfil the role of Interim Chair while the
responsibilities of the Audit and Risk Committee will be consolidated into the
main Board of Directors. This interim arrangement will exist until future
changes are announced.

As part of the planned Board transition, a process has already begun to
appoint Non-Executive Directors to the Board and to organise Board committees
to meet the future growth and needs of the Company. This is designed to align
with the planned investment process which is progressing well, as well as
commercial scale-up opportunities currently being actively pursued by the
Company.

Keith McGrane, CEO of Corre Energy, commented: "We are hugely grateful for the
commitment, guidance and support that Frank has provided prior to and since
Corre Energy's IPO. He has helped navigate the Company through many critical
milestones, including securing offtake agreements for projects, expanding our
pipeline, overseeing several successive rounds of funding, and positioning
Corre Energy as one of the foremost LDES companies in the market. I wish Frank
the very best for the future.

"Our focus remains on progressing the significant investor interest in the
Company and ramping up our activities to deliver maximum value to our
shareholders and wider stakeholders. To support this, our Board will now
transition to support our next phase of growth and we look forward to making
announcements in due course regarding the appointment of new Non-Executives
and senior executives."

For further information, please contact:

 

Corre Energy B.V.

ir@corre.energy or +31 (0) 50 799 5060

 

Davy (Euronext Growth Listing Sponsor)

Anthony Farrell Davy Corporate Finance

anthony.farrell@davy.ie or +353 (0)1 6149993

 

Murray Group (Financial PR and IR)

Pat Walsh, Managing Director

pwalsh@murraygroup.ie or + 353 87 226 9345

 

ABOUT CORRE ENERGY: Corre Energy designs, develops, constructs, and operates
utility-scale Long Duration Energy Storage (LDES) projects in Europe and North
America. Through our project development activities, Corre Energy is working
to accelerate the energy transition to net zero, while enhancing the security
and flexibility of large-scale energy systems.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ISEUOAARSBUNUUR