- Anglesey Mining
- 18 February 2025 10:31:27
Source: Sharecast
The AIM-traded firm said the initiative was designed to support renewable energy projects on the Isle of Anglesey while also providing a clean energy source for future mining and mineral processing operations at the site.
It said HD Hydro is based on traditional pumped energy storage, but using a high-density fluid that is 2.5 times denser than water.
That, the board said, would reduce the elevation required for energy storage and allow for smaller, more cost-effective installations.
The project would involve repurposing the existing 300-meter-deep Morris Shaft at Parys Mountain to host a hydro-energy storage system.
Anglesey said the initial phase of the collaboration would focus on a scoping study to assess the technical and economic feasibility of the project, including potential environmental impacts and regulatory requirements.
Both companies intended to secure non-dilutive funding to advance the project through feasibility, construction, and commissioning stages, including the de-watering of the Morris Shaft.
If successful, the initiative could contribute to the redevelopment of the Parys Mountain mine.
“RheEnergise has shown that it is able to deliver demonstration projects here in the UK,” said chief executive officer Rob Marsden.
“The infrastructure and mothballed assets at Parys Mountain provide an ideal site at which to place a commercial scale plant.
“Anglesey Mining is focused on delivering a polymetallic underground mine at Parys Mountain.
“Securing a source of consistent green power on site while benefiting from the synergies between deployment of the technology and establishing a presence back underground at Parys Mountain is key to the strategy of de-risking the incremental development of the mine.”
At 0920 GMT, shares in Anglesey Mining were down 6% at 0.71p.
Reporting by Josh White for Sharecast.com.