Following the initial announcement in October 2024 that Mine Storage had been selected for a sizable grant from the EU Innovation Fund, the agreement has now been finalised. As of April 1st, the Norberg project (Sweden) officially begins, with a confirmed €20 million in funding secured after the conclusion of the negotiation phase.
Repurposing a historic site for modern energy needs
The project, led by portfolio company Mine Storage, aims to convert a decommissioned iron mine in Norberg into a pumped hydro energy storage facility. The initiative explores how existing underground infrastructure can be repurposed to provide grid support and long-duration energy storage.
“This is a fantastic opportunity for us to showcase how a former industrial site can be converted into something that benefits both society and the climate,” said Thomas Johansson, Co-founder and CEO of Mine Storage. “We are proud to contribute to Norberg’s development while also playing a key role in Europe’s green transition.”
A new application of proven technology
Mine Storage develops and operates grid-scale energy storage solutions using decommissioned mines—an emerging application of pumped hydro technology. As more renewable, weather-dependent energy sources are integrated into the grid, the demand for storage that can stabilize supply and manage fluctuations continues to grow.
The Norberg facility is expected to help make renewable energy use more efficient in the region, support the local power grid, and provide a long-term, replicable model for similar projects in Sweden, Europe, and beyond.
Next phase: planning, permitting and consultation
With the signed agreement in place, the project enters an intensive planning phase. This includes preparing an environmental impact assessment, submitting a permit application to the Land and Environment Court, and developing procurement documentation for contractors and equipment suppliers. Stakeholder consultations in and around Norberg are planned for spring 2025.
“We are very pleased to finally start the project on a large scale,” Johansson added. “And proud and grateful that the EU Innovation Fund recognises the potential of both the project and Mine Storage as a developer.”
About the EU Innovation Fund
The EU Innovation Fund is one of the world’s largest funding programmes for the demonstration of innovative low-carbon and net-zero technologies. It supports early-stage projects that contribute to decarbonising energy and industry while strengthening Europe’s long-term competitiveness.
More about the EU Innovation Fund can be found here.
