Mikael Larsson assumes the role of CFO and Director Energy Markets with immediate effect. Mikael joined Mine Storage as Director Energy Markets and Financing in August 2022. Mine Storage has gained a stronger focus on financial issues thanks to many projects in the development phase and a high pace of project development.
During the autumn, Mikael has proven his capability within a wide array of financial areas such as when building up financial processes and structures, dealing with company capitalization, and verifying revenue models for the energy storage facilities that Mine Storage will develop.
“We see a great need to focus more on company and project financials. Mine storage projects are large and complex infrastructure projects that require qualified financial structures. We already have 1000 MWh in our project development pipeline. Thanks to Mikael’s broad financial expertise, he will be able to drive our international growth, which in the long run will enable the renewable energy transition,” says Thomas Johansson, CEO at Mine Storage.
Mine Storage develops large-scale energy storage using pumped storage hydro in abandoned mines, so-called mine storage facilities. The market for Mine Storage is global, but the intention is to build around 10 facilities in Sweden alone, the first of which will be ready in 2026.
In Sweden, we need to double electricity production to take care of the re-industrialization in the north. Regardless of whether nuclear power is phased out or if it is built out, the re-industrialization will require a massive expansion of wind and solar power.
Electricity needs to be produced while it is consumed, so no electricity system is built or ready for the development that we are facing. Electricity consumption varies all the time. Traditionally, most production has been plannable baseload production, so only a small share of regulating power, in practice hydropower in Sweden, has sufficed to maintain a stable electricity system. In the electricity system of the future, with greater variation in consumption due to electrification, and a radically greater proportion of variable production, a much larger amount of control power is required and today’s resources are not enough. Large-scale energy storage is a key for us to cope with the energy transition.
“It’s both engaging and challenging to assume my new role. Mine Storage can play an important part in the green transition, which makes optimizing all company functions imperative. If we manage the energy transition, we will not only reach the challenging global climate goals, but also realize re-industrialization in Sweden and create a new export industry in the form of fossil-free electricity,” says Mikael Larsson, CFO and Director Energy Markets at Mine Storage.
For more information contact:
Mikael Larsson, CFO and Director Energy Markets, mikael.larsson@minestorage.com
