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Energy Dome announced funding commitments for its first CO2-based thermo-mechanical energy storage system, the company said in a press release Dec. 1.
Breakthrough Energy Catalyst will provide a project-level grant commitment of up to 35 million euros (US$38 million). The European Investment Bank is expected to provide 25 million euros (US$27 million) of venture debt financing, backed by InvestEU.
The combined investment is an endorsement of Energy Dome’s ready-to-be-deployed, long-duration energy storage proposition. The project, located in Sardinia, Italy, will use a standard frame 20-megawatt/200 megawatt-hour CO2 battery, which can supply energy to the grid for 10 consecutive hours.
It will be the first of a series of identical units with the same technology design, allowing Energy Dome to reduce future costs. The battery does not use materials from rare metals, and its main components are based on already existing and known supply chains, enabling job creation within Europe.
The project is expected to go into operation in the third quarter of 2024.
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