Mine Storage utilizes pumped hydro storage technology in decommissioned underground mines to provide grid-scale energy storage, leveraging water and gravity to balance energy supply and demand. This approach addresses the urgent need for efficient energy storage solutions to support the transition to renewable energy and reduce reliance on fossil fuels.
Funding
Funding not disclosed
Founders
Product
Problem
The increasing reliance on intermittent renewable energy sources like solar and wind necessitates efficient and large-scale energy storage solutions to stabilize the grid. Traditional energy storage methods often have environmental drawbacks or lack the capacity to meet the growing demand for grid-scale storage.
Solution
Mine Storage repurposes decommissioned underground mines into pumped hydro storage facilities, providing a sustainable and scalable solution for energy storage. The system uses water and gravity to store and release energy, balancing energy supply and demand. During periods of excess energy production, water is pumped from a lower reservoir to an upper reservoir within the mine. When energy is needed, the water is released, flowing through turbines to generate electricity. This closed-loop system offers a durable and environmentally conscious approach to grid stabilization, turning former liabilities into circular assets.
Target Audience
The primary target audience includes grid operators, utility companies, and large energy producers seeking sustainable and scalable energy storage solutions to support renewable energy integration and grid stabilization.
Features
- Grid-scale energy storage capacity ranging from 15-200 MW / 30-2400 MWh
- High round-trip efficiency of 75-85%
- Operational lifespan of 40-80 years with durable equipment
- Low levelized cost of energy storage (LCOS)
- Minimal local impact due to underground facility design
- Ability to act as energy storage, grid frequency regulator, capacity reserve, transmission support, and inertia provider
- Closed-loop system utilizing water and gravity