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
Q&A: Pearl Energy Investments Rides the Downturns for 250% ROI
2025-02-25 - Billy Quinn, founder and managing director of Pearl Energy Investments, leads a team that thrives amid the oil and gas investment cycles.
Q&A: Petrie Partners Co-Founder Offers the Private Equity Perspective
2025-02-19 - Applying veteran wisdom to the oil and gas finance landscape, trends for 2025 begin to emerge.
More Players, More Dry Powder—So Where are the Deals?
2025-03-24 - Bankers are back and ready to invest in the oil and gas space, but assets for sale remain few and far between, lenders say.
Oil, Gas and M&A: Banks ‘Hungry’ to Put Capital to Work
2025-01-29 - U.S. energy bankers see capital, generalist investors and even an appetite for IPOs returning to the upstream space.
Haslam Family Office: ‘We Need Hydrocarbons’
2025-01-29 - The managing director of HF Capital—the office for Tennessee's Haslam family—says that as long as oil, gas and other energy sources are lacking capital, there’s an investment opportunity.
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.