Novel CO2-based battery system bags €65m funding
Energy Dome’s CO2 Battery (Rendering) – Ottana, Sardinia, Italy (Photo: Energy Dome)
Italian energy storage specialists Energy Dome has secured funding commitments for its first CO2-based thermo-mechanical energy storage system to be located in Sardinia, Italy.
The announcement was made at the COP28 climate conference and includes support in the form of a project-level grant commitment of up to €35,000,000 ($38,000,000) from Breakthrough Energy Catalyst and €25,000,000 ($27 000,000) venture debt financing commitment from the European Investment Bank.
The funds are being made available through the EU–Breakthrough Energy Catalyst partnership.
The project will use a standard frame 20MW/200MWh CO2 battery, which can supply energy to the grid for ten consecutive hours.
It will be the first of a series of identical units using the same technology design, allowing Energy Dome to standardise the CO2 battery frames.
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The CO2 Battery does not use materials from rare metals and its main components are based on already existing and known supply chains.
This investment will be used to scale, and commercialise Energy Dome’s ready-to-be-deployed, long-duration energy storage concept.
According to Energy Dome, the solution has a high round-trip efficiency and competitive capital expenditure requirements.
The Commercial Operation Date of the storage facility is expected to take place in the third quarter of 2024.
Claudio Spadacini, founder and CEO of Energy Dome, said: “What better time than during COP28 to announce the collaboration with the EU-Breakthrough Energy Catalyst partnership, which is a true catalyst for our company. The collaboration will accelerate the commercialization of our market-ready technology and will be the first of many identical full-scale CO2 Batteries. We have already started to be at the core of the energy transition. Remember, our world can’t wait.”
Breakthrough Energy Catalyst funds and invests in first-of-a-kind commercial projects for emerging climate technologies.
The European Investment Bank will provide venture debt financing backed by InvestEU. The EU aligns capital with Catalyst using funds available from Horizon Europe & Innovation Fund through the InvestEU Program with the European Investment Bank, as implementing partner of the European Commission.
Gelsomina Vigliotti, EIB vice-president, said: “I am delighted to announce the EIB’s intention to support Energy Dome with a €25 million Venture Debt financing. It is an inspiring example of game-changing technology that we need more of in Europe and worldwide. At the same time, the project will promote job creation and economic growth in Sardinia.”
