EIT InnoEnergy invests in Mine Storage

Mine Storage press release

We are pleased to announce that EIT InnoEnergy has invested in Mine Storage. Supporting and investing in sustainable energy innovations, EIT InnoEnergy brings people and resources together to catalyze and accelerate the energy transition.

InnoEnergy invests in Mine Storage

EIT InnoEnergy helps Europe adopt pioneering new technologies in sustainable energy. Since its creation in 2010, EIT InnoEnergy has invested in over 480 products and services across the entire energy value chain and accelerated more than 300 start-ups. As a result, EIT InnoEnergy provides access to commercially attractive technologies, at lowered levels of risk and complexity for end-users. EIT InnoEnergy is supported by the European Institute of Innovation and Technology (EIT), which is a body of the European Union. Operating at the center of the energy transition, the company builds connections worldwide, bringing together innovators and industry, entrepreneurs and investors, graduates and employers. 

“With EIT InnoEnergy as an owner, our chances of becoming the globally preferred solution provider for grid-scale energy storage increases. They are a pan-European pure-play energy investor involved in most of the leading European green energy companies. We share the view that grid-scale energy storage is imperative for the renewable energy transition. For grid-scale applications such as frequency regulation and long duration energy storage, mine storages give the lowest cost of storage”, says Christopher Engman, co-founder and Chairman of Mine Storage. 

The investment decision was made beginning of April with the objective to accelerate Mine Storage’s expansion in Sweden and internationally. Mine Storage will receive a cash equity investment and added-value services to further develop business, markets, and operations. 

“At EIT InnoEnergy, we are looking to invest in companies operated by superior entrepreneurial teams aiming for impact at large. Climate change and the energy transition are global issues and therefore we need truly scalable solutions that can be implemented worldwide,” says Markus Berglund, Investment Manager at EIT InnoEnergy. “We are very impressed by the achievements made by the Mine Storage team and see that the demand for cost effective grid-scale storage capacity will increase substantially over the decades to come. We look very much forward to supporting Mine Storage in developing a diversified portfolio of storage plants that not only allows to reduce CO2 emissions, but also repurposes closed mines into circular assets.” 

EIT InnoEnergy are known for being able to contribute to their portfolio companies on many levels. Their broad network within sustainable energy has already proven to be invaluable for portfolio companies such as Northvolt (Sweden), Skeleton Technologies (Estonia), Verkor (France), H2 Green Steel (Sweden), CorPower Ocean (Sweden), and Hardt Hyperloop (Netherlands). 

EIT InnoEnergy shares our view on the challenges ahead for the future energy system and by this investment they also share our vision of how Mine Storage can enable the sustainable energy transition. We believe that their engagement withing the energy storage field can help speed up our international growth. It is an honor to have EIT InnoEnergy as an investor and we see opportunities for accelerated business development through our collaboration,“ says Thomas Johansson, co-funder and CEO at Mine Storage.

Broadening their scope into grid-scale energy storage, EIT InnoEnergy was attracted by the fact that Mine Storages combination of using proven technology whilst still being much more scalable than the traditional application. A mine storage relies on the same technology as pumped storage hydropower but applied in an underground setting. It relies on the same basic principle of moving water between two reservoirs. It too can store large quantities of energy and is highly suitable to support the grid. The main difference is that the lower water reservoir is below ground in a closed mine. This makes it much more scalable and applicable in all countries in the world than traditional pumped storage hydropower. There is about 1 million abandoned mines across the globe.

“As the share of renewables continues to increase at pace, the need for energy storage – and particularly long-duration storage – is growing. Introducing water-based energy storage to the energy system brings tremendous benefits both in terms of grid stability and increased penetration of renewable energy,” says Johan Söderbom, Thematic Leader for Smart Grid and Energy Storage at EIT InnoEnergy. “Mine Storage addresses a clear market need for efficient long-duration grid scale storage, and we look forward to an exciting journey towards accelerating the energy transition.”

About EIT InnoEnergy

EIT InnoEnergy operates at the centre of the energy transition and is the leading innovation engine in sustainable energy, bringing the technology and skills required to accelerate the green deal and Europe’s decarbonisation goals.

Recognised globally as the most active sustainable energy investor and one of the largest climate tech and renewable energy tech investors in 2020, EIT InnoEnergy backs innovations across a range of areas. These include, energy storage, transport and mobility, renewables and sustainable buildings and cities – leveraging its trusted ecosystem of 500+ partners and 27 shareholders.

The 300 portfolio companies are on track to generate €72.8 billion in revenue and save 1.1G tons of CO2e annually by 2030. EIT InnoEnergy is the driving force behind three strategic European initiatives which include the European Battery Alliance (EBA), the European Green Hydrogen Acceleration Centre (EGHAC) and the European Solar Initiative (ESI).

EIT InnoEnergy was established in 2010 and is supported by the European Institute of Innovation and Technology (EIT), an independent EU body set up in 2008 to drive innovation and entrepreneurship across Europe. Today, EIT InnoEnergy has offices across Europe and in Boston, US.