5.20 EIT InnoEnergy invests in Mine s torage – a grid-scale energy storage company

Swedish company, Mine Storage, which develops and operates a portfolio of grid-scale energy storage in underground mines, announced in April 2022, that it had received an investment from EIT InnoEnergy, to assist the company in accelerating its expansion in both Sweden and internationally. Mine Storage will receive a cash equity investment and added-value services to further develop business, markets, and operations.

Mine storage as a technology is the underground version of pumped storage hydropower, relying on the same basic principle of moving water between two reservoirs. It too can store large quantities of energy and is highly suitable to support the grid. The main difference is that the lower water reservoir is below ground in a closed mine. This makes it much more scalable than traditional pumped storage hydropower, with an estimated one million abandoned mines across the globe.

Mine Storage will contribute to a sustainable future of fossil-free energy production by developing environmentally friendly energy storage plants that will store energy and help balance the grid. Mine Storage manages the whole project development and operations process. The experienced team qualifies and secures the rights to attractive sites, builds profitable business cases, secures the financial structures, and designs, constructs, and operates the plants - providing cost-effective grid-scale storage capacity for decades to come.

T H o MA s Jo HA nsson Co-founder and CEO of Mine Storage

It is an honour to have EIT InnoEnergy as an investor and we see opportunities for accelerated business development through our collaboration.

minestorage.com

5.21 nitroCapt raises €2.8 million to develop a pilot plant for fossil-free production of nitrogen fertilisers

Swedish company, NitroCapt, has invented a novel chemical process, SUNIFIX®, for the production of climate-neutral nitrogen fertilisers in order to contribute to both agricultural sustainability and productivity. In February 2022, the company announced that it had received public and private funding of almost €3 million to build its first pilot plant.

The production of nitrogen fertilisers causes 2.5 percent of the global fossil-related greenhouse gas emissions. Until now, no one has developed a cost-effective, emission-free process that can compete with conventional production. But NitroCapt is accelerating the development of its chemical process, SUNIFIX®, and aims at setting a new standard for large-scale fossil-free production of nitrogen fertilisers.

NitroCapt has just received funding of approx. €1.8 million from LRF Ventures, Almi Invest GreenTech, EIT InnoEnergy and additional investors, for the development of its first pilot plant. Completed by another €1 million in grants, the company will now invest this funding over the next two years to build the pilot facility in Germany.

Synthetic fertilisers are crucial to managing the global food supply chain, supply chain, which makes the transition to climate-neutral agriculture a great challenge. To this end, NitroCapt’s groundbreaking innovative technology could well be the solution to bring climateneutral nitrogen fertilisers within reaching distance.

Gus TA f f o R s BERG CEO of NitroCapt

It’s incredibly exciting that we, together with our visionary investors, get the possibility to develop a solution to a big global challenge for agriculture and the climate.

nitrocapt.com