EU Agrees to Provide Financing for Compressed Air Energy Project
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The European Union has agreed to provide as much as 6.5 million euros ($7.1 million) in financing for a compressed air energy-storage project in underground caverns near Larne, Northern Ireland.
The caves within salt deposits unique to the east Antrim coast are approximately 1,500 meters (almost 5,000 feet) below ground and would be used in the first project of its kind in the U.K., Gaelectric Holdings Plc, which is behind the plans to store energy in the form of compressed air, said in a statement.