Anglesey Mining said it has entered a Memorandum of Understanding (MoU) with Mine Storage to investigate a pumped hydro-storage project at the Grängesberg Mine.
Mine Storage is a Swedish energy storage company, and alongside Anglesey and its 49.75% owned subsidiary, Grängesberg Iron, will investigate “conceptual plans and designs” for the mine to be converted into a pumped hydro-storage project once mining ceases. Pumped-hydro storage is a green-energy storage solution that utilises water and gravity to store electrical energy, according to a statement.
The system involves water being fed through pipes down a shaft into turbines, which produce electricity to supply to the grid while pumping water back to the surface and has “round-trip efficiency of 75% to 85% and proven durability.”
Anglesey said future benefits include a long-term revenue stream from the mine, a circular economy with existing technology used to turn a depleted mine into a power storage asset and potential exposure to Scandinavian investors.
“Any potential to covert the mine into a long-term source of hydro-storage power only adds to the strategic value of the asset. We look forward to working with Mine Storage on the options for integrating a pumped hydro-storage solution into the mine plans,” said Anglesey chief executive Jo Battershill.