The European Geothermal Energy Council (EGEC) has become a signatory to a new European tripartite agreement aimed at accelerating the deployment of energy storage technologies across the European Union — with geothermal storage highlighted among the solutions expected to support industrial decarbonisation and the energy transition.
Prepared by the European Commission, the agreement brings together energy ministers from 22 EU member states alongside organisations representing energy storage developers and manufacturers, renewable energy developers, energy-intensive industries and financial institutions.
It seeks to speed up the deployment of energy storage solutions, including battery and thermal energy storage, to support a cleaner and more resilient European energy system.
EGEC Secretary General Philippe Dumas said signing the agreement was a proud moment for the organisation.
“The agreement brings together key players including storage solution providers, power and heat producers, energy consuming industries and the district heating and cooling sector, plus the banks who have a key role to play in financing energy storage projects,” he said.
“With the strong backing and commitment from the European Commission and national governments, we are optimistic that this agreement will provide a platform for accelerating the deployment of underground thermal energy storage across the whole of the EU, as well as the supply of geothermal lithium for batteries.”
He added: “In this way we can continue to show how all kinds of geothermal storage solutions can contribute to achieving a more resilient, efficient and sustainable energy system.”
Under the agreement, the European Commission will support member states in developing funding schemes for energy storage projects and explore additional support through the Industrial Decarbonisation Bank and the Innovation Fund.
National governments have committed to removing barriers to deployment, while financial institutions will work to strengthen financing for storage projects and technology providers will collaborate with industrial energy users.
Alongside the signing on 26 June, the Commission highlighted several energy storage projects it considers replicable across Europe:
The GESIIS project in Ostellato, Italy, which integrates geothermal energy with high-temperature aquifer thermal energy storage.
The Korvenmäki waste-to-energy plant in Salo, Finland, where deep geothermal wells store surplus heat for the district heating network.
The Kuebebierg district heating and cooling project in Luxembourg, which combines seasonal solar-to-ground thermal storage with geothermal boreholes.
The agreement was signed during a ceremony in Luxembourg chaired by European Commissioner for Energy Dan Jørgensen.