| Project Detail |
The project will finance the companys technology scale-up including First-of-a-kind 20MW-200MWh CO2Battery installation in Italy.
Additionality and Impact
The proposed operation contributes to the InvestEU objective of developing the energy sector in accordance with the Energy Union priorities.
The Project involves the construction of a first-of-a-kind utility-scale long duration energy storage (LDES) facility in Sardinia, Italy. The patented solution is based on a CO2 thermodynamic cycle. In charge mode, the carbon dioxide (CO2) is taken from an atmospheric gasholder and is liquified using a compressor/condenser, then stored under pressure inside liquid CO2 tanks. In discharge mode, normally during high-price electricity hours or when required, the liquid CO2 is turned into high-pressure gas that powers a turbine, generating electricity that is dispatched to the grid.
The EIB contribution to this project aims to support a technology which allows for an increased flexibility of the power system, therefore ensuring security of electricity supply, which is a Public Goods, and for increasing the grid resiliency to intermittent power generation from renewable energy sources. These elements, in turn, contribute to the reduction of CO2 externalities from the power sector.
The Project is commercially viable without securing offtake agreements, relying on revenues mainly generated from electricity sold to the wholesale market. It can also participate in the capacity market auctions organized by the Italian TSO or benefit from a tolling agreement with a public utility. The Project is supporting both the EU policy regarding energy storage, as defined in
the Clean Energy for All Package and the Electricity Directive (2019/944), as well as the targets included in the Italian National Energy and Climate Plan. In line with the EU Taxonomy, energy storage systems substantially support climate change mitigation.
The financing of this Project is providing a valuable contribution to the objectives of the Banks energy lending policy as well as the transversal objectives on Climate Action, Environmental Sustainability and Social and Economic Cohesion. The Project is expected to deliver excellent economic benefits and to deliver a positive broader social benefit.
EIB financing by way of a venture debt facility will provide a signalling effect to the market. The Project would not have been carried out (to the same extent) by the EIB without the InvestEU support.
Objectives
The aim is to provide energy storage capacity and it will improve grid flexibility for the integration of renewables and will contribute to the security of supply of the system.
Sector(s)
Energy - Electricity, gas, steam and air conditioning supply
Proposed EIB finance (Approximate amount)
EUR 25 million
Total cost (Approximate amount)
EUR 58 million |
