Energy Dome's CO2 Battery (Rendering) in Ottana, Sardinia, Italy. (Source: Energy Dome, Business Wire)
Energy Dome announced funding commitments for its first CO2-based thermo-mechanical energy storage system, the company said in a press release Dec. 1.
Breakthrough Energy Catalyst will provide a project-level grant commitment of up to 35 million euros (US$38 million). The European Investment Bank is expected to provide 25 million euros (US$27 million) of venture debt financing, backed by InvestEU.
The combined investment is an endorsement of Energy Dome’s ready-to-be-deployed, long-duration energy storage proposition. The project, located in Sardinia, Italy, will use a standard frame 20-megawatt/200 megawatt-hour CO2 battery, which can supply energy to the grid for 10 consecutive hours.
It will be the first of a series of identical units with the same technology design, allowing Energy Dome to reduce future costs. The battery does not use materials from rare metals, and its main components are based on already existing and known supply chains, enabling job creation within Europe.
The project is expected to go into operation in the third quarter of 2024.
Recommended Reading
Martin Midstream Terminates Merger Agreement Following Pushback
2024-12-29 - Martin Midstream Partners will continue operating as a standalone publicly traded company following termination of its deal to merge with Martin Resource Management Corp.
Allete Gets OK From FERC for $6.2B Sale to Canada Pension Plan, GIP
2024-12-20 - Allete Inc. announced its acquisition by the Canada Pension Plan Investment Board and Global Infrastructure Partners in May.
Exxon Mobil Completes Purchase of FPSO Offshore Guyana
2024-12-19 - Exxon Mobil Corp. paid $535 million to SBM Offshore for the FPSO, which will operate the unit through 2033.
LS Power Completes Acquisition of Algonquin Power’s Renewables Unit
2025-01-09 - With the transaction’s closure on Jan. 8, LS Power formed Clearlight Energy to manage the acquired renewable energy assets.
Shell Completes Deal to Buy Power Plant in Rhode Island
2025-01-24 - Shell has completed its previously announced acquisition to buy a 609-megawatt combined cycle gas turbine power plant in Rhode Island from RISEC Holdings.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.