KUALA LUMPUR, Jan 18 (Bernama) -- The Netherlands-headquartered, Corre Energy B.V. has expanded its energy storage project development operations in the United States (US) and Canada via its subsidiary, Corre Energy US Development Company LLC to source and develop utility-scale compressed air energy storage (CAES) projects across North America.
“CAES is a commercially proven technology that can use renewable energy to compress air into underground salt caverns when power demand and prices are low, also ranked as the lowest cost long duration energy storage technology by the US Department of Energy.
“This energy is later released to the grid to increase supply when demand and prices are higher, enhancing the stability, reliability and security of the network,” said Corre Energy in a statement.
Corre Energy chief executive officer, Keith McGrane said as the market leader for long duration energy storage projects in Europe, the company looks forward to transferring its know-how into the US and Canada.
“Our North American operations will also provide opportunities for investors mainly focused on the North American market to participate in financing the debt and equity requirements of our North American subsidiary and its CAES projects,” added McGrane.
In return for allowing renewable generators to store energy in its CAES plants and discharge that energy when its value is highest, Corre Energy will typically charge a set fee and share in the upside revenue earned by its customers, under an “offtake agreement”.
The company has also named Chet Lyons, a pioneer in the energy storage industry, as president of Corre Energy US Development Company LLC.
Lyons played an instrumental role in developing and commercialising merchant-based energy storage projects to perform frequency regulation ancillary services in the US, Canada and globally.
Through its project development activities, Corre Energy is working to accelerate the global transition to net zero, while enhancing the security and flexibility of large-scale energy systems.
-- BERNAMA
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