Mine Storage Closes Oversubscribed Seed Round, Aims for Expansion

Mine Storage press release

On October 22nd, the grid-scale energy storage company Mine Storage successfully closed an oversubscribed seed round, setting the value of the company to MSEK 75. With the increase in capital and vast experience of the group of investors, the company now aims to scale up and expand internationally.

The great interest in this seed round from both private and institutional investors shows that Mine Storage is on the right track with our mission to be a true enabler in a sustainable energy transition. We may still be a small player in the energy industry, but we aim to make a big impact, and now we have the means to scale up, says Thomas Johansson, Co-Founder and CEO of Mine Storage International.

Mine Storage was founded in 2020 by a dedicated team who saw the need to speed up the pace with which we tackle, not only the climate crisis, but also the volatile energy situation. As the world moves toward fossil free energy by increasing renewable energy production from intermittent sources such as sun and wind, we become increasingly dependent on energy storage to secure and even out the supply. This is where the mine storage technology comes in – a proven, scalable way to safely store and distribute energy and reduce the imbalance in the transmission grids.

– Mine storage is a great way to future-proof our energy supply and enable the urgent transition to sustainable sources. We founded the company to help drive the green transition, and we are very pleased that several experienced and well-connected investors are joining our cause, says Thomas Johansson.

Among the new investors are:

  • Klimatet Invest, a sustainability-focused investment company, founded by experienced energy experts such as Anders Dahl and Ulf Troedsson.
  • Christina och Mikael Hillforth, both with extensive experience within renewable energy 
  • Boel Rydenå Swartling, sustaintech investor and founder of Charge Amps
  • Anna Mossberg, board professional and sustainability advisor
  • Per Rutegård, Chairman of Revelop, a sustainability driven property development company
  • Timo Soininen, angel investor and chairman of the sustaintech company Spinnova,

All the pre-seed investors also participated in the seed round, confirming their continued trust in the company.

– Energy storage and grid stability are global challenges that we need to address immediately. As a relatively small player we can act fast and hopefully speed up the transition process. Given this successful round we can now fully execute on our plan to develop our portfolio of projects, enter new markets, and develop our concept, Mine Storage Way of WorkingTM. We have a very exciting period ahead of us for sure, says Thomas Johansson.

For more information, please contact:

Thomas Johansson, Co-Founder and CEO thomas.johansson@minestorage.com +46 70 696 78 00
Raine Vasanoja, Co-Founder and CCO raine.vasanoja@minestorage.com +46 70 310 57 20
Anna Engman, Co-Founder and CMO anna.engman@minestorage.com +46 70 632 62 95https://www.minestorage.com/seed-round/

About Mine Storage (the company):

Mine Storage is an energy storage company founded by experts with a strong track record in the energy sector. The idea for large-scale, fast-responding storage sprung out of the increasing share of intermittent power generation, which causes imbalance in the transmission grids. The Mine Storage team will contribute to a sustainable future with fossil free energy production by developing environmentally friendly energy storage plants in abandoned underground mines.

About mine storage (the technology):

Mine storage is the underground version of pumped storage hydropower. 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 is more scalable than traditional pumped storage hydropower since there are an estimated 1 million abandoned mines across the globe. By using state of the art hydropower technology that responds quickly enough to help balance the grid, mine storage can be a true enabler for the green transition.