SENS starts new pumped storage project - secures lease agreement in Vingesbackegruvan

26 February 2024, 14:00 | Regulatory press release

Sustainable Energy Solutions Sweden Holding AB ("SENS" or the "Company") announces today that the Company has identified a potential new pumped storage project by securing a lease agreement in Vingesbackegruvan. With this agreement, SENS marks the start of a new project in one of its core business areas, offering underground pumped storage power plants as a solution for large-scale long-term energy storage. The agreement forms the basis for now starting the process of investigating the conditions for establishing pumped storage in the abandoned mine.

Henrik Boman, CEO of SENS, comments:
With the lease agreement for the Vingesbackegruvan, SENS takes an important step to broaden our portfolio in pumped storage. By developing mine-based energy storage solutions, which effectively combine energy production with storage, we consolidate our role in the market. This technology demonstrates our ability to transform abandoned mines into practical energy storage facilities, an essential solution for the energy system of the future. As a next step, we plan to conduct a feasibility study to assess the project's potential.”

SENS announces today that a lease agreement for Vingesbackegruvan for the purpose of investigating and developing an underground pumped storage facility has been signed. The agreement is signed with the landowner in Hofors municipality. The next step for SENS is now to continue the technical investigations that have begun and continue to investigate the conditions for commissioning a pumped storage facility. If the conditions are deemed favorable, the company will proceed with detailed planning based on the commercial and environmental conditions.

About SENS' large-scale long-term energy storage solution
With its underground pumping technology, SENS offers a unique solution for transforming decommissioned mines into high-performance energy storage facilities. This proven technology, which uses water and gravity, enables the efficient storage of large amounts of energy in a way that is both cost-effective and environmentally friendly. By using a circular system that transports water between two reservoirs located at different altitudes, SENS presents an alternative solution to building new hydropower plants on the ground. Instead of building new dams, SENS transforms unused parts of underground mines into efficient water reservoirs and thus a solution for competitive and large-scale long-term energy storage. This innovative approach reduces land use requirements and facilitates a stable and predictable energy supply - a critical component of the green transition and environmental impact reduction. In addition, long-term energy storage helps to smooth out minor fluctuations in the electricity grid, ensuring both stability and predictability.

For further information, contact:
Henrik Boman, CEO; Phone: +46 (0)70 224 63 61

The information was submitted for publication through the agency of the contact person set out above on February 26, 2024 at 2:00 p.m. CET.

About SENS
Sustainable Energy Solutions Sweden Holding AB (publ) (SENS), provides sustainable energy solutions enabling the transition to a fossil-free and CO2 neutral energy mix both locally and internationally. SENS develops, designs, constructs and sells large-scale energy projects combining renewable energy sources with the next generation energy storage technologies such as underground pumped hydro storage (UPHS) and/or battery energy storage systems (BESS). The company also conducts technical advisory consultancy services within energy storage and energy systems optimisation. The company is listed on NGM Nordic SME under the short name SENS.

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