Corre Energy Launches Global Collaboration With Siemens Energy for Multiday Compressed Air Energy Storage (CAES) That Will Support Projects in North America

• Agreement provides framework to supply a standardised, scalable, multiday storage solution
• USA and Canadian markets to benefit from highly advanced CAES technology
• Positions Corre Energy to meet rapidly rising demand for long duration electricity storage, including a 280-megawatt storage project being developed in Texas

NEW YORK, Nov. 6, 2023 /PRNewswire/ -- Corre Energy, a leader in the design, development and commercialisation of long duration energy storage (LDES), and Siemens Energy, have launched a global collaboration for the deployment of multiday CAES. This agreement facilitates and accelerates Corre Energy's international roll-out of integrated CAES and renewable energy infrastructure projects that support the global energy transition. Corre Energy is already active in North America and plans to use Siemens Energy's CAES technology for a 280-megawatt CAES project in West Texas.

This agreement deepens an already strong partnership between the companies and allows Corre Energy to proceed towards financial close of its international pipeline of projects. It also responds to rising demand from offtakers such as renewable energy producers, offshore wind developers and large industrial users of power. These organizations are attracted by the ability of Corre Energy's CAES projects to provide a steady, large-scale supply of green electricity at a fraction of the cost batteries.

Chet Lyons, president of Corre Energy US Development Company LLC, said: "Our partnership with Siemens Energy allows us to accelerate the deployment of our CAES solution in North America. We are particularly impressed with Siemens Energy's groundbreaking progress in demonstrating the ability of its turbines to run on hydrogen which is key to our clean energy plans. In addition to our flagship 280-megawatt project in West Texas, we plan to develop multiple CAES projects in North America in support of Corre Energy's global expansion."

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.

SOURCE Corre Energy