EU Energy Storage Projects Get Funding

One hundred and forty electricity projects have been fast-tracked as a result of having access to a fund of €5.85 billion (US$7.9 billion). The list of projects was released by the European Commission and includes pumped hydro storage, battery storage, smart grid and compressed air energy storage systems across the European Union.

The projects have been awarded ‘Project of Common Interest’ (PCI) status, whereby administrative costs will be lowered. Furthermore, it will allow for the possibility of receiving funds from the Connecting Europe Facility to leverage private and public finance as early as 2014.

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