The company is developing several large-scale CAES projects, including with large utility Eneco in Germany and the Netherlands and another in Denmark with five in total. Those three will be around 300-320MW of rated power and a discharge duration of around 3.5 days, meaning up to 27GWh of energy storage capacity, each. It also acquired a project in Texas last year.

The five projects in Europe led Corre to claim that it is the largest developer of energy storage in Europe, with those projects’ combined 100GWh-plus capacity being recognised in various transmission system operator (TSO) planning documents.

That achievement, plus its agreement to sell a 50% stake in the Germany project to Eneco and a construction milestones mean that the company was always going to attract attention, a source familiar with the matter said, indicating a de-listing could be on the cards.

“The listing was to raise development capital, not to have a share price,” they said. “There is a strong interest in investing in the company.”

As a listed company Corre Energy has had a mixed performance. Having listed in September 2021 at around €1.26 per share, it peaked at around €3.90 in February 2023 but now sits at around €0.72. The expressions of interest came in March after a rapid six-month fall.