Anglesey Mining PLC has signed a Letter of Intent (LOI) with RheEnergise Limited to advance a high-density fluid hydro-power energy storage project at Parys Mountain in Wales, UK.
The agreement outlines the creation of a jointly owned special purpose vehicle (SPV), which will oversee the first commercial deployment of RheEnergise’s High Density Hydro System at the site. Both companies will contribute financial, material, and intellectual property resources to the SPV and carry out a feasibility study. If the study supports the project, the two companies will work to bring it into operation.
Anglesey Mining has received in-principle support from the Amlwch Industrial Heritage Trust, Geo Môn, and Menter Môn. The company also acknowledged the practical advice and support provided by the Isle of Anglesey County Council’s Energy Island™ Programme.
“The signing of this Letter of Intent is an important next step in this project for both companies involved,” said Rob Marsden, Chief Executive of Anglesey Mining. “We are excited by the potential and synergies that this project brings together at many levels. Anglesey Mining is focused on delivering a polymetallic underground mine at Parys Mountain. Securing a source of consistent green power on Anglesey and establishing a presence back underground at Parys Mountain is key to the strategy of de-risking the incremental development of the mine and furtherance of the UK’s green power ambitions.”
Anglesey Mining has stated that the hydro project will not interfere with its long-term plans to develop a polymetallic underground mine at Parys Mountain. The company has ongoing strategies to attract investment while managing risk in phases.
A pre-feasibility study is underway, and an investor presentation detailing the energy storage project’s methodology and potential revenue streams has been published.
Parys Mountain is recognised as the UK’s most advanced primary mining project for copper, lead, silver, and zinc – all listed as critical minerals by the UK Government.
