Swedish grid-scale energy storage company Mine Storage signed an agreement with energy trading solution specialist Expektra to develop the world’s first trading software optimized for mine storages. This is a crucial milestone on the way to a sustainable energy system since no large-scale storages at grid-level will be built without revenue opportunities.
– The way we see it, mine storages could be the missing pieces needed to make the green transition possible. With grid-scale solutions such as mine storages in the system, weather dependent energy production can be stored for later use, the frequency in the grid can be kept stable and we won’t have to expand the grid capacity as much. But if anyone is to invest in establishing a mine storage, we need to ensure that it will be profitable. This is where Expektra and their in-depth knowledge about the energy market and energy trading comes in, says Thomas Johansson, Co-Founder and CEO of Mine Storage.
Despite the growing need for energy storage and the benefits of mine storages, there are hurdles on the way. One is that many countries (among them Sweden) need better legislative and financial incentives for energy storages, and new markets need to be established for services such as inertia and for reducing the need of expanding the grid.
Another hurdle is that there is no software available for optimizing trade in stored energy on the available energy trading markets and ancillary services. By addressing this problem, the new software will be a crucial milestone on the way to a sustainable energy system.
– Expektra builds advanced power trading and recommendation systems based on machine learning and automation with focus on enabling an efficient electric power system with optimum utilization and minimum environmental impact. Mine storages fit perfectly into that equation, and we look forward to contributing to the company Mine Storage’s journey. We hope that by developing this trading software together, we will further boost the interest for flexible resources such as this novel but proven energy storage solution, and thereby help speed up the green transition, says Niclas Ehn, Co-Founder and CEO of Expektra.