• Global phase-out of fossil fuels requires large-scale energy storage and grid stabilization.
• More than 90% of energy storage today is provided by pumped storage hydropower.
• Revolutionary concept for pumped hydropower in former mines will be elaborated in the collaboration between the two companies.
Voith Hydro, a leading global supplier of hydropower and pumped storage equipment, and Swedish company Mine Storage, a specialist in the field of underground pumped storage concepts, announce a development partnership to become the forerunners in a new market for underground pumped storage offering so-called mine storages.
The Paris Climate Agreement has made clear that to prevent a global climate collapse, global warming needs to be limited to maximum 1.5°C. To achieve this, 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 from fossil fuels to low-carbon and sustainable alternatives, a move that 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 today 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. With the current stage of technology, it is the only possibility to store energy in an economically viable, large-scale way.
Mine Storage focuses on the rapidly emerging market for large-scale, fast-responding energy storage and plans to build sustainable pumped storage facilities in underground mines. These are called mine storages and can act as “batteries” that help balance the electric grid so that much more production from wind and solar energy can be added without creating a volatile electric grid that is prone to blackouts. There are more than one million abandoned mines in the world, and with mature, proven energy storage technology, mine storages can be a game changer for the environment.
Game changer for the environment
Replicating traditional pumped storage with upper and lower reservoirs in a new setting, like underground mines, can truly accelerate the transition from brown to green energy. The mining environment, however, puts new demands on the technology, thus the challenge lies in combining industry-specific knowledge from difference fields.
Voith Hydro has long been in the forefront of technology development and will take on these specific challenges. In collaboration with Mine Storage, the company is now engaged in the early project development at two specific sites Sweden in order to develop the necessary technical solutions.
”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 & CEO 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.”
About Mine Storage
Mine Storage (minestorage.com) is a Sweden-based company founded by experts with a strong track record in the energy sector. The idea for large-scale, fast-responding storage sprung out of the increasing amount of intermittent power generation, which causes imbalance in the transmission grids. The Mine Storage team will contribute to a sustainable future with fossil-free energy production by developing environmentally friendly energy storage plants in abandoned underground mines.
About the Voith Group
The Voith Group (voith.com) is a global technology company. With its wide range of plants, products, services and digital applications, Voith sets standards in the markets for energy, oil and gas, paper, raw materials and transport & automotive. Founded in 1867, Voith today has more than 20,000 employees and earns 4.2 billion euros in sales. It has locations in over 60 countries and is one of Europe’s larger family-owned companies.
About Voith Hydro
The Group Division Voith Hydro is part of the Voith Group and a leading full-line supplier as well as trusted partner for equipping hydropower plants. Voith develops customized, long-term solutions and services for large and small hydro plants all over the world. Its portfolio of products and services covers the entire life cycle and all major components for large and small hydro plants, from generators, turbines, pumps and automation systems, right through to spare parts, maintenance and training services, and digital solutions for intelligent hydropower.