Hagag Europe, Airengy to develop electricity storage project in Romania using salt caverns

Israeli real estate development and energy infrastructure company Hagag Europe signed a strategic agreement with Airengy, another Israeli energy company listed on the Tel Aviv Stock Exchange, to develop an electricity storage project in Romania using salt caverns.

The project will use Romania's natural salt caverns to store compressed air. The compressed air is injected and stored in underground salt caverns, which offer very large storage volumes, natural airtightness, and low operating costs. When the energy system requires electricity, the air is released and used to power a hydraulic system that drives electricity-generating turbines.