en.Wedoany.com Reported - Hagag Europe and Airengy have signed a cooperation agreement to develop a compressed air energy storage project in salt caverns in Romania.
The project will be built in two phases, with a designed discharge capacity of approximately 25MW and an energy storage capacity of up to 5GWh. The total project investment is estimated at 55 million euros.
The project will utilize Airengy's proprietary AirBattery compressed air energy storage technology and will be developed through a special purpose company jointly owned by Hagag Europe, Airengy, and a third party.
Phase A will construct a facility with an energy storage capacity of approximately 200MWh, with an estimated cost of 4.5 million euros. Phase B aims to increase the discharge capacity to approximately 25MW and expand the energy storage capacity to approximately 5GWh, with an estimated cost of 50 million euros.
Under the agreement, Hagag Europe will secure the rights to use the salt caverns, while Airengy will be responsible for the planning, construction, and operation of the energy storage technology.
Tzachi Hagag, controlling shareholder and Chairman of Hagag Europe, stated that this is a significant development for the rapidly growing Romanian energy market, representing a major business leap that places Hagag Europe at the forefront of global innovation in energy storage and clean power generation. The partnership with Airengy is a key pillar of the strategic plan to expand the company's energy activities.
Yiftah Ron-Tal, Chairman of Airengy, stated that this is one of the most important moments in the company's history. The agreement with Hagag Europe marks the transition from development and proof-of-concept to commercialization, initiating the construction of commercial-scale power plants based on its technology.
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