Mine Storage and Anglesey Mining to investigate potential for energy storage at the Grängesberg mine

STOCKHOLM, Sweden (March 23, 2023) — Mine Storage has entered into an agreement with British mining company Anglesey Mining Plc together with its 49.75% owned subsidiary Grängesberg Iron AB to investigate conceptual plans and designs for a pumped hydro-energy storage project at the Grängesberg Mine.

Grid supporting energy storage is imperative for the continuous electrification of transport and industry and to allow the expansion of electricity production to support the growing electricity demand from society. Mine Storage develops pumped hydro storage facilities in underground mines that store energy and supports the electricity grid.

A mine storage is a large-scale energy storage facility with a very low environmental impact. It makes an already existing mine into a circular asset by utilizing the mine as a water reservoir and relying on the most reliable force available, namely gravity, to create a closed-loop pumped hydro energy storage. When there is an overproduction of electricity from for example solar or wind, energy can be stored in the mine storage by pumping water from the mine to an upper water reservoir at ground level. Later, when the demand for electricity is higher, water is released back into the mine via turbines and electricity is sent back into the grid.

“We are very pleased to have signed this agreement with Mine Storage over our Grängesberg project. The Mine Storage team has identified the Grängesberg Mine as one of the most suitable locations to design, install and operate what could potentially be a significant pumped hydro-storage project,” said Jo Battershill, Chief Executive of Anglesey Mining.

The Grängesberg mine could become the first mine storage in the world to become operational as a 15-MW pilot.

Mine Storage has developed the Grängesberg mine storage project over the last year and is now planning a public consultation process that includes the municipality, county administrative board, local community, local fishery conservation associations, and other stakeholders.

“The collaboration with Anglesey is a great confirmation of the value Mine Storage can offer not only in the global energy transition, but also for a sustainable mining industry. Anglesey Mining and Grängesberg Iron show a great leadership and we are both pleased and honored to have entered into this agreement with them,” said Thomas Johansson, Co-founder and Chief Executive of Mine Storage.