SENS expands further in Europe - signs LOI for underground pumped storage project in Spain

SENS expands further in Europe - signs LOI for underground pumped storage project in Spain

Sustainable Energy Solutions Sweden Holding AB ("SENS" or the "Company") announces today that the Company has taken another step in its international expansion with a new initiative to develop a potential underground pumped storage project in Spain. SENS has entered into a Letter of Intent ("LoI") with an energy operator who shares SENS's commitment to sustainability and innovation in the energy sector.

Henrik Boman, CEO of SENS, comments:
”By signing a letter of intent with this energy innovator, SENS is taking an important step in developing a new underground pumped storage project in Spain. This initiative is a key part of our efforts to broaden our portfolio and strengthen our position in the market, especially internationally. Our collaboration with the operator is based on our shared dedication to developing energy storage solutions, pivotal for future energy systems. The next step will be a feasibility study to assess the full potential of the project.”

With increased global attention, SENS has attracted interest from land and mine owners around the world. These players see potential in transforming unused areas into underground pumped storage projects, a key component to support long-term energy storage and contribute to the energy transition.

SENS has today signed a letter of intent with an energy operator. The agreement is a first step in preparing for a collaboration aimed at exploring the possibility of building an underground pumped hydro storage project in a specific mine in Spain. The focus is on evaluating the commercial, technical, financial, and legal aspects of the project to facilitate further discussions with the energy innovator and involve more stakeholders. SENS has already been on-site at the mining area with its own Spanish staff, but the idea is that the evaluation will begin immediately, where SENS will initially conduct a feasibility study during the year, which the parties will jointly evaluate and then decide whether the project is financially viable.

For further information, contact:
Henrik Boman, CEO; Phone: +46 (0)70 224 63 61

The information was submitted for publication through the agency of the contact person set out above on April 19, 2024 at 11:30 a.m. CET.

About SENS
Sustainable Energy Solutions Sweden Holding AB (publ) (SENS), provides sustainable energy solutions enabling the transition to a fossil-free and CO2 neutral energy mix both locally and internationally. SENS develops, designs, constructs and sells large-scale energy projects combining renewable energy sources with the next generation energy storage technologies such as underground pumped hydro storage (UPHS) and/or battery energy storage systems (BESS). The company also conducts technical advisory consultancy services within energy storage and energy systems optimisation. The company is listed on NGM Nordic SME under the short name SENS.