Pageant Investments, the family investment enterprise of Nick Furlong, has acquired a 3.2% share in Corre Energy, as revealed in a recent filing with the stock market. Following a significant 86% decrease in Corre’s share price over the last year, this news arrives amidst ongoing investment discussions between the Dublin-based renewable energy storage company and potential financiers.
Pageant was established nearly two decades ago after the sale of Mr. Furlong’s DVD and game business to DCC. As one of the Republic’s leading family office investment enterprises, Pageant often acquires significant shares in small businesses that analysts consider to be undervalued or high-risk but high-reward.
At present, Pageant’s assets include 8.3% of Datalex, an airline retail software firm, along with a further 3% owned by Mr. Furlong himself; 3.3% of Kenmare Resources, a titanium minerals miner; and 9.4% of Donegal Investment Group (DIG), essentially a wind-down agribusiness. Additionally, Mr. Furlong also owns another 3.2% of DIG.
End of last year, Corre’s available cash reserves had dwindled to approximately €1.08 million, prompting it to raise €2.76 million through a stock sale to investors. This has provided a buffer as the company continues to negotiate with potential large scale investors.
Corre’s flagship venture, Zuidwending (ZW1), is situated in the Dutch province of Groningen. The project, set to commence operations towards the end of 2026, will have the capacity to provide up to 320MW of power to the grid for up to three and a half days.
Corre has partnered with Dutch company, SemperPower, to develop the ZW1 project. The firms will share an initial investment of €7 million in a 50:50 joint venture, with Corre’s input reflecting capital already poured into the project. Financial close for the project is targeted for late 2025, with construction and installation costs estimated to be in the region of €300 million.
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