EIT InnoEnergy invests in Mine Storage

Mine Storage is a Sweden based company which develops and operates fast-response and medium to large scale power storage by using underground mines to store energy and to balance the grid. EIT InnoEnergy is supported by the European Institute of Innovation and Technology (EIT), which is a body of the European Union, and invests in innovations across a range of areas, including energy storage, transport and mobility, renewables and sustainable buildings and cities.

As consideration for newly-issued shares in Mine Storage, Mine Storage will receive a cash equity investment and added-value services to further develop business, markets, and operations.

Setterwalls advised Mine Storage in the transaction.