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    Reference: 20230127
    Release date: 19 February 2024

    Promoter – Financial Intermediary




    The project will finance the company's technology scale-up including First-of-a-kind 20MW-200MWh CO2Battery installation in Italy.

    Additionality and Impact

    The proposed operation contributes to the InvestEU objective of developing the energy sector in accordance with the Energy Union priorities.

    The Project involves the construction of a first-of-a-kind utility-scale long duration energy storage (LDES) facility in Sardinia, Italy. The patented solution is based on a CO2 thermodynamic cycle. In charge mode, the carbon dioxide (CO2) is taken from an atmospheric gasholder and is liquified using a compressor/condenser, then stored under pressure inside liquid CO2 tanks. In discharge mode, normally during high-price electricity hours or when required, the liquid CO2 is turned into high-pressure gas that powers a turbine, generating electricity that is dispatched to the grid.

    The EIB contribution to this project aims to support a technology which allows for an increased flexibility of the power system, therefore ensuring security of electricity supply, which is a Public Goods, and for increasing the grid resiliency to intermittent power generation from renewable energy sources. These elements, in turn, contribute to the reduction of CO2 externalities from the power sector.

    The Project is commercially viable without securing offtake agreements, relying on revenues mainly generated from electricity sold to the wholesale market. It can also participate in the capacity market auctions organized by the Italian TSO or benefit from a tolling agreement with a public utility. The Project is supporting both the EU policy regarding energy storage, as defined in

    the Clean Energy for All Package and the Electricity Directive (2019/944), as well as the targets included in the Italian National Energy and Climate Plan. In line with the EU Taxonomy, energy storage systems substantially support climate change mitigation.

    The financing of this Project is providing a valuable contribution to the objectives of the Bank's energy lending policy as well as the transversal objectives on Climate Action, Environmental Sustainability and Social and Economic Cohesion. The Project is expected to deliver excellent economic benefits and to deliver a positive broader social benefit.

    EIB financing by way of a venture debt facility will provide a signalling effect to the market. The Project would not have been carried out (to the same extent) by the EIB without the InvestEU support.


    The aim is to provide energy storage capacity and it will improve grid flexibility for the integration of renewables and will contribute to the security of supply of the system.


    • Energy - Electricity, gas, steam and air conditioning supply

    Proposed EIB finance (Approximate amount)

    EUR 25 million

    Total cost (Approximate amount)

    EUR 58 million

    Environmental aspects

    The promoter will be requested to comply with applicable national and EU legislation, as appropriate.


    The promoter is a private company operating in a liberalised market and is therefore subject to a private procurement regime.


    Signed - 22/12/2023

    Under appraisal
    17 November 2023
    22 December 2023


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Italy Energy