Mine Storage Awarded EUR 22M Grant from EU Innovation Fund

Mine Storage, a company specializing in developing and operating grid-scale energy storages in underground mines, has been awarded EUR 22 M grant from the European Union’s Innovation Fund. This funding is part of the Fund’s pilot programme aimed at supporting the deployment of innovative technologies that contribute to a net-zero carbon future. The grant will support Mine Storage’s ambitious project in Norberg, Sweden, where a decommissioned iron mine shaft will be transformed into a pumped hydro storage facility. This will be done with minimal environmental impact and in collaboration with a local municipal energy company. The installation will not only provide grid-forming services to the regional grid but also offer energy-shifting capabilities that surpass those of conventional battery systems. This makes it a unique and pioneering project in Europe and potentially worldwide. Global Potential for Mine Reuse The use of abandoned mines for energy storage represents a significant opportunity for creating flexible grid resources. With over a million closed mines globally, this approach could revolutionize how we store and manage energy. The Norberg project, specifically, capitalizes on the region’s rich history and existing infrastructure, having served as a prominent iron ore mining area for hundreds of years. Next Steps Mine Storage is now entering a negotiation phase with the Innovation Fund, with plans to finalize the project agreement by March 2025. About the Innovation...