Green Gravity and Complexul Energetic Valea Jiului S.A. (CEVJ) have executed a Cooperation Framework Agreement to explore the application of Green Gravity’s innovative energy storage technology in seventeen (17) mine shafts on the four (4) mining operations in the Valea Jiului in Romania.
The Agreement outlines the scope and objectives of a joint study to assess the technical, economic and environmental aspects of converting CEVJ’s existing coal mines into energy storage facilities, using Green Gravity’s proprietary technology and expertise.
The study will also evaluate the potential benefits and challenges of integrating the energy storage system with the existing power grid and renewable energy sources.
The Agreement represents a strategic partnership between Green Gravity and CEVJ, as both parties share a common vision of advancing the energy transition and reducing greenhouse gas emissions, while creating new opportunities for economic development and social welfare. The Agreement also aligns with the European Union’s Green Deal, which aims to make Europe the first climate-neutral continent by 2050.
Romania is undergoing a major energy transition, aiming to increase the share of renewable energy in its energy mix and reduce its dependence on fossil fuels. Romania has set ambitious renewable energy targets for 2030 and has committed to phase out coal by 2032.
Mark Swinnerton, CEO of Green Gravity commented, “We are delighted to collaborate with CEVJ on this innovative project, which has the potential to transform Romania’s coal sector into a renewable energy storage hub, creating jobs, growth and innovation. Our technology offers a unique solution to store excess renewable energy using gravity, which can help balance the power grid and support the EU’s climate goals.”
“Successfully implementing gravitational energy storage in the Valea Jiului will provide a leading example for successful transition of a coal mining region. This project has global implications for climate, jobs and investment.” he added.
“Green Gravity’s energy storage technology represents a breakthrough in the search for economic long-duration storage of renewable energy. By re-using mining assets, costs can be kept low. By using gravity as the fuel, we dispense with consuming the critical water, land, and chemicals which other storage technologies rely on.” he concluded.
Eusebiu Durbaca, Managing Director of CEVJ said, “We are pleased to partner with Green Gravity, a world-class company in the field of clean energy. This project is part of our strategy to diversify our energy portfolio and explore new opportunities for value creation from our coal assets. We believe that gravitational energy storage is an innovative approach to energy transition, and we are committed to contributing to Romania’s and Europe’s energy transition and green recovery.”
Sebastian-Ioan Burduja, the Minister of Energy from Romania enjoined, “I welcome this initiative, which demonstrates the potential for cooperation between Romania and Australia in the field of clean energy and climate action. I support the efforts of CEVJ and Green Gravity to explore the feasibility of gravitational energy storage using old mine shafts, which could provide a viable solution for enhancing the flexibility and resilience of our energy system, ensuring a future for the Jiu Valley, and progressively reducing our dependence on fossil fuels.”