At the COP28 event, Energy Dome announced funding commitments for its first CO2-based and innovative thermo-mechanical energy storage system in Sardinia, Italy. The funding will be in the form of a project-level grant commitment of up to €35 million from Breakthrough Energy Catalyst and €25 million in venture debt financing commitment from the European Investment Bank, both subject to the satisfaction of funding conditions. The funding is being made available through the EU–Breakthrough Energy Catalyst partnership.
Breakthrough Energy Catalyst funds and invests in first-of-a-kind commercial projects involved in emerging climate technologies. And by investing in these opportunities, Catalyst seeks to accelerate the adoption of these technologies worldwide and reduce their costs.
The European Investment Bank – also recognizing the transformative potential of Energy Dome’s CO2 Battery to combat climate change and be a clean technology champion in Europe – is expected to provide €25 million of venture debt financing, backed by InvestEU, to the project. The EU aligns capital with Catalyst utilizing funds available from Horizon Europe & Innovation Fund through the InvestEU Program with the European Investment Bank, as an implementing partner of the European Commission.
This combined investment is an endorsement of Energy Dome’s ready-to-be-deployed and long-duration energy storage proposition. And Energy Dome’s robust performance (high round-trip efficiency) and capital expenditure requirements are significantly more competitive than the Lithium-Ion benchmark, providing a solution to the critical problem of utility-scale long-duration energy storage, which is at the core of the renewable energy transition.
This 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, enabling Energy Dome to unlock cost reductions and accelerate the bankability of future units of the modular, standardized CO2 Battery frames. And the 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.
The storage facility’s Commercial Operation Date is expected to occur in Q3 2024.
KEY QUOTES:
“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.”
— Claudio Spadacini, Founder and CEO of Energy Dome
“As the EU climate bank, the EIB is committed to building public and private partnerships to support the development of disruptive green energy technologies and to enable these to grow to scale in the short term. I am delighted to announce the EIB’s intention to support Energy Dome with a EUR 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.”
— Gelsomina Vigliotti, EIB Vice-President
“Long-duration energy storage is a critical enabler of the clean energy transition and this partnership with Energy Dome, the European Commission, and the European Investment Bank will help scale the technology so it can be commercialized sooner. This announcement demonstrates the tangible impact of Breakthrough Energy Catalyst’s approach to fund impactful projects that can move us closer to an emissions-free future.”
— Mario Fernandez, Head of Catalyst at Breakthrough Energy
