Voith Hydro and Swedish company Mine Storage announce a development partnership in a new market for underground pumped storage – offering so-called mine storages.
To limit global warming to a maximum of 1.5 degrees Celsius, it is necessary to focus on the use of clean, renewable and resource-conserving technologies in energy generation. Hence, there is a need for transition to low-carbon and sustainable alternatives, a move Voith Hydro and Mine Storage aim to help facilitate.
For the global phase-out of fossil fuels, large-scale electricity storage is needed. More than 90% of energy storage is provided by pumped storage hydropower, as it allows for quick response with incomparable flexibility to fluctuations in energy demand. This enables the integration of volatile renewable energy sources, such as wind or solar power, into the grid and stabilizes it.
Mine Storage, based in Sweden, focuses on the emerging market for large-scale, fast-responding energy storage and plans to build sustainable pumped storage facilities in underground mines. There are more than 1 million abandoned mines in the world, and with mature, proven energy storage technology, mine storages can be a game changer for the environment.
Replicating traditional pumped storage with upper and lower reservoirs can accelerate the transition from brown to green energy. However, the mining environment puts new demands on the technology, so the challenge lies in combining industry-specific knowledge from different fields.
Voith Hydro, in collaboration with Mine Storage, is engaged in early project development at two sites Sweden.
“We are committed to sustainable technologies and concepts for a decarbonized future. As Mine Storage has shown an innovative approach, impressive speed and competence in this field, we are delighted to now bring in our long-standing expertise in pumped storage technology in order to develop first projects together,” says Uwe Wehnhardt, president chief executive officer, Voith Hydro.
“Mine storages can have a huge impact on global CO2 emissions by enabling renewable energy production to scale. We do not have time to wait; we must act now,” says Thomas Johansson, CEO of Mine Storage. “Voith Hydro has shown a great flexibility and good understanding for the dynamics in early project development. Their approach and our shared vision of the global potential for mine storages make this partnership a valuable piece in our strategy to contribute to the phase-out of fossil fuels.”