Sustainable Energy Solutions Sweden Holding AB announced 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.

SENS announces 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. 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.