Swedish startup Mine Storage is making waves with its innovative approach to converting closed mines into energy storage. Recently, they received a grant from the EU Innovation Fund, a major milestone that not only provides critical funding but also validates their mission. We spoke with team member Maria Säfström to understand the impact of this award, the challenges they face, and their vision for the future.
Q : Your concept converts closed mines into batteries, using water and gravity. Tell us how that works?
A: Mine Storage uses the same proven technology as traditional pumped storage, but applies it in an innovative way by using the height difference that you can find in decommissioned mines. It is the amount of water in the mine that governs the amount of energy that can be stored. When building a mine storage, the mine itself becomes a circular asset that supports cost effective abundant clean energy. The mine site already has an industrial past and we can re-use infrastructure that is already in place.
Q: What is the EU Innovation Fund, and why is it significant for Mine Storage to receive its support?
A: The EU Innovation fund is one of the world’s largest funding programmes for the deployment of net-zero and innovative technologies. This grant not only confirms that our solution is impactful and feasible on a larger scale. With this backing, we can move forward with greater confidence and resources to make our vision a reality.
Q: As an impact startup focused on renewable energy, what challenges do you face in transitioning the industry away from “brown” energy?
A: The financial mechanisms are not fully in place for our type of innovative solution. It is obvious that energy storages such as mine storage makes an important contribution to the energy system from a societal perspective, but infrastructure projects require investors with a long-term perspective.
Q: What makes you optimistic despite these challenges? Are there trends or opportunities that give you hope?
A: Yes, absolutely. The ever-increasing awareness that we need to make the transition happen and the knowledge that the technical solutions are available. We can do this together and our solution can be a valuable contribution. Swedish Mining Innovation has supported us on this journey in several ways. In 2021, we received a planning grant that was incredibly helpful. We’ve also received travel grants to support internationalization and participated in the Innovation Idea Competition. This kind of early-stage support is essential for startups like ours.
Q: What advice can you give to other startups or project teams pursuing bold, innovative ideas?
A: Don’t give up, and don’t be afraid to adjust your idea or your business model. Adapt as you go, you will not have everything figured out from the start.
A powerful example of startups’ transformational role
Mine Storage’s journey is a powerful example of how innovative startups are advancing the green energy transition. With the support of the EU Innovation Fund, strong partnerships, and a dedicated team, they are well-positioned to make a lasting impact on Europe’s renewable energy landscape. Their insights offer valuable lessons for other startups working to overcome challenges and contribute to a more sustainable future.
