COMPANY PROFILE

MineStorage

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Grid-scale pumped hydro energy storage in decommissioned mines

Stockholm, SwedenFounded 2020Energy

Valuation $0–100M Latest valuation · 2021

Revenue <$1M Latest reported FY

Headcount <100 Current team size

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About MineStorage

MineStorage is a Swedish company that develops and operates grid-scale energy storage facilities by repurposing abandoned mines. Founded in 2020 by Thomas Johansson, Raine Vasanoja, Christopher Engman, and Anna Engman, the firm addresses the growing need for energy storage driven by the increase in intermittent renewable power sources like wind and solar.

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The company utilizes proven pumped-storage hydropower technology in a novel underground setting. This method involves moving water between two reservoirs at different elevations within a mine to store and release energy, using gravity as the driving force. This approach creates a closed-loop system with a high round-trip efficiency of 75-85% and an operational lifespan of 40-80 years. The facilities are designed to provide various services to the energy system, including grid frequency regulation, capacity reserves, and energy trading arbitrage.

MineStorage manages the entire project lifecycle, from site qualification and financial structuring to construction and commercial management. The company's business model includes generating revenue from multiple sources such as energy trading and providing ancillary services to grid owners and large energy consumers. In June 2023, MineStorage acquired Expektra, an energy SaaS company, to enhance its capabilities in optimizing trading strategies for its energy storage assets using AI-based software.

The company is actively developing several projects, including flagship sites in Norberg and Vånga, Sweden. The Norberg project received a significant investment grant of over €20 million from the EU Innovation Fund, recognizing its potential as a pioneering energy solution in Europe. Keywords: pumped hydro storage, grid-scale energy storage, mine repurposing, sustainable energy, renewable energy balancing, energy infrastructure, cleantech, hydropower technology, grid stability, frequency regulation, ancillary services, energy trading optimization, circular economy, project development, asset management

Source: Dealroom company data

At a glance

Status: Operational
Founded: 2020
Headquarters: Stockholm, Sweden
Employees: 12
Open positions: None listed
Dealroom signal: 73.4/100
Sub-industry: Clean Energy, Energy Storage
Sector: Energy, Mining Technologies, Hydropower, Sustainable Development Goals, Climate Tech, Stationary Energy Storage, Renewable Energy, EIT Supernovas, Hard Tech, Woman Founder
Technology: Hardware
Business model: Manufacturing
Client focus: b2b
Investment activity: 1 company, latest Jun 2023
Capital deployed: —
Preferred round: ACQUISITION
Links: Website LinkedIn X

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Press, funding announcements and product moves mentioning MineStorage.

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Funding history

5 recorded events

Company financing events and reported valuations.

Deal type	Date	Amount	Valuation	Investors	Source
EARLY VC✓Equity / VC	Sep 2025	$0	—	InnoEnergy	—
EARLY VC✓Equity / VC	Apr 2025	$0	—	InnoEnergy	—

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Financials

Revenue, earnings and profit over time

Revenue, earnings and other financial measures where available. Years marked “E” are estimates.

Year	Revenue	Growth	Profit	Margin
2026
2025
2024
2023
2022
2021		—

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Growth signals

MineStorage website traffic

Latest recorded traffic for MineStorage is 780 monthly website visits, down 61% over the last three months. MineStorage's team grew 0% over the past year.

Latest monthly visits780 3-month web change-61% 1-year team growth0%

Monthly website visitsOct 2022–Jul 2026

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