Corre Energy Entering Liquidation After Bankruptcy in the Netherlands
Corre Energy has been declared bankrupt in the Netherlands as of October 2024, leading to the appointment of a liquidator. The company, which focused on grid-scale underground renewable storage and green hydrogen production, faced operational struggles and significant executive departures over the past two years, culminating in the sale of its stake in a major battery project. This bankruptcy halts any further debt discharge, including a tax bill exceeding €1 million owed to UK Revenue.
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Corre Energy has been declared bankrupt in the Netherlands as of October 2024, leading to the appointment of a liquidator. The company, registered in Groningen and listed on the Euronext stock exchange in Dublin in 2021 with a valuation of €62m, has faced operational struggles for nearly two years, including executive departures.
Key figures such as co-founder and CEO Keith McGrane and chairman Frank Allen left the company amid financial difficulties. Corre Energy focused on developing grid-scale underground renewable storage and green hydrogen production.
In July 2024, it announced a €300m battery project in partnership with SemperPower but sold its 50% stake for €4m by December. The company was also involved in the Green Hydrogen Hub Denmark project. However, the bankruptcy prevents the discharge of any further debts, including a tax bill over €1m owed to UK Revenue.
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