Mine storage scores €20M for innovative underground energy storage

Mine Storage has landed a €20 million award from the European Union to advance its innovative underground energy storage project in Norberg, Sweden. The EU's Innovation Fund is supporting the company's plan to transform a decommissioned mine into a cutting-edge pumped hydro energy storage facility.

The funding provides a major boost as Mine Storage prepares to kick off an intensive investigation and planning phase on April 1st. This will include environmental assessments, permitting, and preparations to select contractors and equipment suppliers. Local stakeholder consultations are targeted for spring 2025.

“We’re proud to contribute to Norberg’s development while playing a key role in Europe’s green transition,” said CEO Thomas Johansson. “This project can showcase how retired industrial sites can be converted into climate-friendly assets.”

By leveraging proven pumped hydro storage technology in an innovative underground design, the Norberg facility aims to enable more efficient renewable energy usage, grid resilience, and a sustainable long-duration storage solution scalable across Europe.

The Innovation Fund specifically supports deployment of innovative technologies to help industries decarbonize. With up to €40 billion in potential funding from EU carbon market revenues, it is backing projects like Mine Storage’s that could be crucial for managing variable renewable supply.

The €20 million grant provides vital financial backing as Mine Storage moves its cutting-edge energy storage concept towards commercialization. Success could unlock a new frontier for incorporating large-scale storage into clean energy systems.