Mine Storage
- Company typePrivate
- Founded2020
- HeadquartersStockholm, Sweden
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Mine Storage does
Mine Storage International AB, founded in 2020 and headquartered in Stockholm, Sweden, is a project developer that converts decommissioned underground mines into grid-scale pumped hydropower energy storage facilities. The core technology is a closed-loop pumped storage system using water and gravity between two reservoirs at different elevations within a mine, delivering 15-200 MW of power and 30-2,400 MWh of capacity over 2-12 hour discharge windows. The company serves electric grid operators and TSOs, regional and municipal utilities, and mining companies, with two flagship projects in Sweden (Norberg, backed by a EUR 22 million EU Innovation Fund grant, and Vånga in Skåne), a joint venture project in Finland (Pyhäsalmi), and a US market entry via Dairyland Power Cooperative and Michigan Technological University.
Mine Storage monetizes through three streams: project development services and development fees on bespoke mine storage facilities, recurring managed-services revenue from operating energy storage assets via electricity arbitrage, ancillary services, and balancing payments, and licensing of its proprietary "Mine Storage Way of Working" (WoW) methodology to other developers. The product portfolio was expanded in June 2023 through the acquisition of Expektra, a Swedish energy SaaS company whose machine-learning software optimizes energy trading, ancillary service trading, and grid optimization for storage assets. The company is privately held, backed by EIT InnoEnergy, Westhill, Klimatet Invest, and the EU Innovation Fund, with a 2021 seed-round post-money valuation of MSEK 75; Fredrik Olrog was appointed CEO in October 2025, replacing co-founder Thomas Johansson.
Mine Storage firmographics
Firmographics- Name
- Mine Storage
- Legal name
- Mine Storage International AB
- Website
- https://minestorage.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Ownership category
- akta.pro rank
Mine Storage industry classification
Industry- Product category
- Grid-Scale Energy Storage
- NAICS
- Warehousing and Storage (493)
- SIC
- Public Warehousing & Storage (4220)
- akta.pro primary industry
- Geologic & Underground Energy Storage (CAES Caverns, Hydrogen Caverns, Reservoir-Based) (EUAFADAF)
- akta.pro secondary industries
- Energy Storage Asset Management (BESS/PCS/EMS) (EUAEAMAE), Minerals & Ores Bulk Storage (Non-hazardous) (TLALAIAD)
Keywords
Where Mine Storage is headquartered
LocationHeadquarters
- HQ city
- Stockholm
- HQ country
- Sweden
- HQ region
- Europe
Offices1 record
Markets served
Mine Storage business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Energy Storage Facility Development: Mine Storage develops and operates grid-scale energy storage facilities in abandoned mines, generating revenue through electricity trade arbitrage and ancillary services such as grid frequency control. Revenue comes from multiple sources including energy trading, balancing services, and grid support services.
- Project Development Services: The company qualifies and secures rights to attractive sites, builds profitable business cases, secures financial structures, designs and constructs plants, and provides operational support. Revenue generated through development fees and project management services.
- Mine Storage WoW Licensing: Mine Storage offers its Way of Working methodology that other developers can purchase, providing a repeatable framework for mine storage project development.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
Mine Storage product offering
Product offeringCore offering
Mine Storage develops grid-scale pumped hydropower energy storage facilities inside decommissioned underground mines, storing energy by pumping water between two reservoirs at different heights and discharging it through turbines. The company qualifies mine sites, secures land rights, develops business cases, designs and constructs the plants, and operates them. Through its acquired subsidiary Expektra, Mine Storage also provides AI-based SaaS for energy trading and grid optimization that maximizes revenue from these storage assets.
Product overview
Mine Storage operates as a project developer of grid-scale energy storage infrastructure, offering a single core technology solution: pumped storage hydropower facilities built in decommissioned underground mines. The company has expanded its portfolio through the acquisition of Expektra, an energy SaaS company providing AI-based trading optimization software. Mine Storage's core product provides physical energy storage infrastructure (15-200 MW, 30-2400 MWh capacity), while Expektra's software suite enables revenue optimization for energy storage assets through machine learning-powered trading strategies. The company's proprietary WoW (Way of Working) methodology underpins project development activities.
Differentiator
Problem solved
Functional benefit
Brands
- Mine Storage WoW: Mine Storage Way of Working - a methodology developed by Mine Storage for mine grading, qualification, and project development processes.
Products and services
- Mine Storage (Pumped Hydro Energy Storage in Mines) Grid-scale energy storage infrastructure built in decommissioned underground mines using proven pumped storage hydropower technology, with capacities of 15-200 MW and 30-2400 MWh and discharge durations of 2-12 hours. Targeted at utilities, grid operators, and mining companies seeking long-duration energy storage.
- Expektra Energy Trading Software AI-based SaaS platform using machine learning to optimize energy trading strategies, ancillary service trading, and grid optimization for energy storage facilities and other complex energy assets. Targeted at operators of energy storage and generation assets.
- Mine Storage Way of Working (WoW) Proprietary five-area assessment framework for qualifying and developing mine storage projects, covering market, commercial, rights and regulations, mine and site, and infrastructure evaluation. Offered as a licensable methodology to other energy project developers.
Quantifiable outcome
- A single 100 MW mine storage facility can power 250,000 homes for up to 12 hours
- +3 more outcomes
Companies that use Mine Storage
Customer profileNamed customers1 record
Segments4 records
Ideal customer profiles3 records
Mine Storage technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability1 record
Feature3 records
Mine Storage partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core, major and minor.
- Höganäs EnergicoreCommissioned Mine Storage to evaluate the former Höganäs mine for conversion into a long-duration energy storage facility through a staged pre-study covering geological suitability, technical design, environmental prerequisites, and system integration.
- SENS (Sustainable Energy Solutions AB)coreJoint venture partner for the Pyhäsalmi mine storage project in Finland. SENS brings comprehensive knowledge of renewable energy technologies to the collaboration.
- Vimab Group ABcoreJoint venture partner for the Pyhäsalmi mine storage project in Finland. Vimab contributes experience in energy and project management to the collaboration.
- Business SwedencoreBusiness Sweden's Catalyst Program selected Mine Storage to receive expertise and contacts for establishment in the US market, particularly the upper Midwest where they have partnerships with Dairyland Power and Michigan Tech.
- ExpektracoreMine Storage acquired Expektra, a Swedish energy SaaS company with products for energy trading optimization, ancillary service trading optimization, and grid optimization. Their AI-based software solutions ensure revenue optimization for mine storages.
- Dairyland Power CooperativemajorAgreement to investigate potential for jointly developing mine storages in the US upper Midwest. Dairyland Power Cooperative serves 600,000 customers across 4 states and brings local market expertise and utility infrastructure.
- Michigan Technological UniversitycoreTechnical resource partner for US market entry, providing technical expertise and research capabilities for regional pumped hydro storage systems development alongside Mine Storage and Dairyland Power Cooperative.
- MälarenergicoreStrengthened collaboration to conduct in-depth feasibility studies for up to three mine storage facilities in Bergslagen. Mine Storage leads project development while Mälarenergi contributes expertise in electricity trading, production, and operations.
- AFRYcoreEngineering and design company participating in the industry consortium led by Mine Storage to create blueprints for the world's first underground mine storage facility, working within the Swedish Mining Innovation program.
- Voith HydrocoreDevelopment partnership to develop technical solutions for underground pumped storage in abandoned mines. Voith Hydro contributes expertise in hydropower and pumped storage equipment, working with Mine Storage on early project development at two sites in Sweden.
- BolidencoreCollaboration agreement to explore feasibility of converting Boliden's mines into mine storage facilities. Part of Boliden's sustainability goals to find innovative uses for decommissioned mines and contribute to renewable energy growth.
- Power CircleminorMine Storage became a partner in the Swedish organization Power Circle, which highlights the role of electricity in sustainable development and brings together actors working on the electricity system of the future.
Scale indicators6 records
Recent moves7 records
Expansion highlights6 records
Mine Storage competitors and assessment
Company assessmentDirect peers
- Hydrostor: Canadian developer of Advanced Compressed Air Energy Storage (A-CAES) deployed in mined caverns and depleted reservoirs. Directly comparable to Mine Storage in using underground geology for long-duration grid-scale storage and serving similar utility customers.
- Energy Vault: NYSE-listed developer of gravity- and kinetic-based long-duration energy storage. Targets the same utility-scale LDES market as Mine Storage, competing for project development opportunities and ancillary service revenue.
- Form Energy: US-based developer of iron-air battery technology for 100+ hour long-duration storage. Competes head-to-head with Mine Storage for utility long-duration storage contracts in markets like the upper Midwest (where Mine Storage has its Dairyland partnership).
- Highview Power: UK-based developer of Liquid Air Energy Storage (LAES) for grid-scale long-duration storage. Targets the same European utility market as Mine Storage with an alternative LDES technology, competing on cost and duration.
- Quidnet Energy: US-based developer of compressed air energy storage using subsurface geology. Closely comparable to Mine Storage's approach of leveraging underground reservoirs for mechanical/long-duration storage.
- Malta Inc. Developer of pumped heat thermal energy storage for long-duration grid storage (now operating under Honeywell after 2024 acquisition). Competes with Mine Storage in the utility-scale LDES market with a different but adjacent technology.
- Antora Energy: US-based developer of thermal storage and thermophotovoltaic technology for industrial decarbonization. Adjacent LDES peer pursuing similar utility and large-industrial customers as Mine Storage.
- Eos Energy Enterprises: NASDAQ-listed developer of long-duration zinc battery storage systems. Targets similar utility and industrial customers as Mine Storage for multi-hour storage applications, offering a battery-based alternative to pumped hydro.
Broad incumbents
- Voith Hydro: Global established hydropower and pumped-storage equipment maker and Mine Storage's announced technology partner. A broad incumbent in Mine Storage's underlying technology space with the scale, balance sheet, and installed base to compete or partner for pumped-storage projects.
- Siemens Energy: Global broad-line energy infrastructure company offering pumped hydro, grid solutions, and storage. A broad incumbent with the ability to bundle storage with other grid infrastructure, comparable to Mine Storage's utility-customer focus but across a much wider portfolio.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
Mine Storage social profiles
Digital presenceMine Storage financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mine Storage leadership team
Management profileNumber of profiles
Profiles13 records
Mine Storage subsidiaries and ownership
Company hierarchySubsidiaries1 record
Mine Storage funding detail
Funding detailFunding overview
Funding rounds3 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mine Storage M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mine Storage
What does Mine Storage do?
Mine Storage develops grid-scale pumped hydropower energy storage facilities inside decommissioned underground mines, storing energy by pumping water between two reservoirs at different heights and discharging it through turbines. The company qualifies mine sites, secures land rights, develops business cases, designs and constructs the plants, and operates them. Through its acquired subsidiary Expektra, Mine Storage also provides AI-based SaaS for energy trading and grid optimization that maximizes revenue from these storage assets.
Is Mine Storage a public or private company?
Mine Storage is a private company. It is classified as venture growth investor backed and is currently operating.
When was Mine Storage founded?
Mine Storage was founded in 2020. It employs 11 to 50 people.
Where is Mine Storage based?
Mine Storage is headquartered in Stockholm, Sweden, in the Europe region.
How does Mine Storage make money?
Three revenue lines are on record. Energy Storage Facility Development is the primary driver. The others are project Development Services and mine Storage WoW Licensing.
Who are Mine Storage's main competitors?
Direct peers on record are Hydrostor, Energy Vault, Form Energy, Highview Power, Quidnet Energy, Malta Inc., Antora Energy and Eos Energy Enterprises. Broad incumbents are Voith Hydro and Siemens Energy.
Does Mine Storage have an API?
No public API is recorded for Mine Storage.
What industry is Mine Storage in?
Mine Storage's product category is Grid-Scale Energy Storage. Its primary akta.pro industry code is EUAFADAF, Geologic & Underground Energy Storage (CAES Caverns, Hydrogen Caverns, Reservoir-Based), with a secondary code of EUAEAMAE, Energy Storage Asset Management (BESS/PCS/EMS). Its NAICS code is 493 and its SIC code is 4220.