Keith McGrane
Corre Energy US Development Company LLC, a North American subsidiary of Netherlands-based Corre Energy B.V., has entered into an unique settlement to accumulate a 280 MW / 4.2 GWh energy storage venture from Contour Energy, a Texas-based energy storage infrastructure developer.
Located within the West Texas area of ERCOT, the utility-scale storage venture shall be able to constantly discharging 280 MW {of electrical} power for as much as 15 hours, equating to 4.2 GWh of totally dispatchable electrical energy storage capability. The enterprise is focused to realize the monetary funding resolution stage in 2025 forward of full business operation.
Technology for the venture is predicated on compressed air energy storage (CAES), a totally business expertise that may use renewable energy to compress air into underground salt caverns when the demand for electrical energy is low and wholesale electrical energy costs are low-cost. When wholesale electrical energy demand and costs escalate, electrical energy is then launched to the grid.
“We’ve reached a pivotal moment in the earth’s climate crisis. Now is the time to deliver impact and invest in long-duration energy storage,” says Keith McGrane, CEO of Corre Energy, B.V. “CAES is a proven storage technology that can time shift electricity on a bulk basis for very long periods at a fraction of the cost of other commercial energy storage technologies.”
Corre Energy US Development Company LLC was established initially of 2023 to accumulate early-stage tasks and construct others on a greenfield foundation. Highly favorable authorities insurance policies – notably the U.S. Inflation Reduction Act and comparable monetary stimulus in Canada – have created distinctive alternatives to broaden Corre Energy B.V.’s venture portfolio.
