image credit:-Corre Energy
Corre Energy has reached a significant milestone in its energy storage project, with the underground construction of four salt caverns now 75% complete. These caverns, located in Ahaus, Germany, are set to have a combined capacity of 640MW, representing over 60 hours of storage capacity at each project.
The company’s goal is to deliver €500m of project value and €2bn in net revenues through 15-year contracts at the site. Solvay is handling the construction work, with Eneco providing 50% of all development capital and construction equity for the first Ahaus project and becoming the 50% owner of the completed site.
The Ahaus facility’s strategic location near the future national hydrogen backbone grid (H2-Startnetz) will complement the regional establishment of an industrial-scale renewables-based green hydrogen value chain. Corre Energy’s CEO, Keith McGrane, emphasized the significance of this milestone and the company’s recent partnership with Eneco, highlighting the momentum in Germany and its positive impact on the company’s portfolio.
Philippe Kehren, Solvay’s CEO, emphasized the importance of transforming salt caverns in the collective energy transition. Corre Energy’s approach, backed by Siemens Energy, involves repurposing strategically situated underground salt caverns and using compressed air to store energy for multiple days. This approach, McGrane explained, provides flexibility to the grid and security of supply, enabling a stable, decarbonized grid.
The integration of battery and long-duration energy storage (LDES) technologies will be essential for bringing more renewables onto the system and unlocking the energy transition in Europe. Corre Energy’s solution, which combines battery and LDES technologies, is designed to balance the supply and demand of renewable energy, with each project delivering 320MW of generating capacity.
Corre Energy’s progress in energy storage highlights the increasing importance of storage solutions in the energy transition, with a focus on long-duration storage to address the intermittency of renewable energy sources. The company’s innovative approach, supported by strategic partnerships and advanced technology, is poised to play a key role in advancing Europe’s energy transition.
