Sign in Subscribe
European Union

Energy Dome Secures Funding Commitments for CO2-Based Thermo-Mechanical Energy Storage System

Strategic Insights

— 2 min read

Energy Dome has announced funding commitments from Breakthrough Energy Catalyst and the European Investment Bank for its first CO2-based and innovative thermo-mechanical energy storage system. The funding will be in the form of a project-level grant commitment of up to €35,000,000 from Breakthrough Energy Catalyst and €25,000,000 Venture Debt financing commitment from the European Investment Bank. The project aims to combat climate change and be a clean technology champion in Europe, utilizing a standard frame 20MW/200MWh CO2 Battery that can supply energy to the grid for ten consecutive hours.

Key Takeaways:

  • The funding commitments will support Energy Dome's CO2 Battery project, which has a Commercial Operation Date expected in the third quarter of 2024.
  • The CO2 Battery uses a modular and site-independent footprint, with a scalable pathway to store massive amounts of intermittent renewable energy.
  • The project's CO2 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.
  • Breakthrough Energy Catalyst's funding commitment will support the commercialization of Energy Dome's market-ready technology, while the EIB's Venture Debt financing will promote job creation and economic growth in Sardinia.
  • Energy Dome's CO2 Battery has a high round-trip efficiency and capital expenditure requirements significantly more competitive than the Lithium-Ion benchmark.
  • The project's CO2 Battery will be the first of a series of identical units using the same technology design, unlocking cost reductions and accelerating the bankability of future units.

Statistics:

  • €35,000,000 project-level grant commitment from Breakthrough Energy Catalyst
  • €25,000,000 Venture Debt financing commitment from the European Investment Bank
  • 20MW/200MWh CO2 Battery capacity will supply energy to the grid for ten consecutive hours
  • Commercial Operation Date expected in the third quarter of 2024
  • €1 trillion of investment in climate action and environmental sustainability through the critical decade, 2021-2030
  • 35% of the EU's Horizon Europe budget dedicated to climate action (€95.5 billion, 2021-2027)
  • Almost €7 billion in grants provided by the EU's Innovation Fund for over 100 projects through calls for proposals

Sources:

  • Energy Dome: "DUBAI, Dec. 1 -- Energy Dome issued the following news release"
  • Breakthrough Energy: "Breakthrough Energy Catalyst funds and invests in first-of-a-kind commercial projects for emerging climate technologies."
  • European Investment Bank: "Between 2019 and 2022, the EIB Group provided more than €45 billion in financing for projects in Italy."
  • European Commission: "Horizon Europe is the EU's research and innovation framework programme worth €95.5 billion (2021-2027), with 35% dedicated to climate action."

Read more