Stockholm-based Mine Storage has been awarded a €22 million grant from the EU Innovation Fund to support its pilot project in Norberg, Sweden.
This funding will enable Mine Storage to enhance grid resilience and stability, aligning with Europe’s green energy goals by integrating renewable power sources.
Pioneering Sustainable Energy Storage Solutions
Founded in 2000, Mine Storage repurposes abandoned mines as storage sites, using water and gravity to provide scalable energy storage solutions. By utilizing existing infrastructure, this approach minimizes environmental impact and lowers construction costs. With a team that collectively brings 200 years of experience in hydropower and wind, the swedish startup has completed over 30 large-scale infrastructure projects, each valued up to €300 million.
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The company’s storage systems range in capacity from 15 to 200 MW, delivering power for 2 to 12 hours, and play a crucial role in balancing energy production and consumption. CEO Vishal Singh highlighted that the EU support positions Mine Storage as a key player in Europe’s transition to a low-carbon future.
Strengthening Europe’s Energy Transition
With only 3% of electricity currently stored, the need for grid-scale energy storage is crucial. The company’s solution addresses this gap, providing both bulk storage and ancillary services, adapting to local market demands, and supporting a reliable, carbon-neutral energy grid.
